Advanced Technology, Israeli Blank Check Company Bites the Dust (AXC)

Banking, finance, and taxes

Published: July 6, 2009 2:53 pm

Last Updated: April 27, 2020 3:15 pm

Burning Money Pic Advanced Technology Acquisition Corp. (NYSE/AMEX: AXC) is a special purpose acquisition company, or blank check company, that is about to no longer be. The company has announced that its stockholders are voting to approve a plan of liquidation. The company has instructed its transfer agent to close its stock transfer books as of the close of business on July 6, 2009.

Upon receiving stockholder approval of its plan of liquidation, the trustee of its trust account will make a final liquidating distribution of the trust account. There is actually no real arbitrage left here as the distribution will come to roughly $8.12 per share of common stock. At the end of the day today, shares are at $8.12. No payments will be made associated with the outstanding warrants, nor will any payments be made to holders of the shares owned by the initial stockholders that were owned prior to the company’s initial public offering.

The Company intends to file a certificate of dissolution with the Secretary of State of the State of Delaware and also Plans to file a Certification and Notice of Termination of Registration with the SEC to de-register shares and securities.

Advanced Technology Acquisition Corp. is (or was) a blank check company formed for the purpose of finding a merger candidate with a technology or technology-related business with operations or facilities located in Israel.

For all practical purposes, you can consider this one gone.

Jon C. Ogg
July 6, 2009

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