Blank Check Firm Dissolves

Special purpose acquisition firm Hicks Acquisition Co. II, Inc. (NASDAQ: HKAC) went public in October 2010 and closed its doors today after failing to complete its acquisition of privately held Appleton Papers. According to the company’s announcement:

[Hicks] has ceased operations except for the purpose of winding up and redeeming, in accordance with its certificate of incorporation, its outstanding publicly-held shares of common stock at a per-share price, payable in cash, equal to the aggregate amount on deposit in HACII’s trust account, net of franchise and income taxes payable and certain amounts payable for dissolution expenses.

The record date for the redemption payment is July 14, 2012, meaning that any shares purchased after that date are not entitled to receive redemptions. As of December 31, 2011, Hicks reported $150.5 million in cash.

Paul Ausick