SPAC IPO FILING: Market Street Acquisition Corp. (GHC)

Market Street Acquisition Corp. is yet another special purpose acquisition company that has filed for an initial public offering.  It is registering to sell 35 million units at $10.00 per unit, with each unit representing 1 share and 1 warrant with a $7.50 strike price.  Bear Stearns is listed as the sole book-runner for the offering.  No stock ticker was designated, although it will trade on AMEX.

The company intends to acquire one or more operating businesses in the global consumer products and services industry, which relates to the commercial delivery of products and services directly to the consumer in both the United States and the international marketplace. Even more specifically, it will focus on acquiring a company that offers a branded consumer product or service that can be expanded globally. Targeted sectors include, but are not limited to, branded consumer products and services, hospitality, entertainment, health, beauty, wellness, apparel, retail, marketing, restaurants and beverages.

This is not the sponsor company’s first dibs in a SPAC here. Global Consumer Acquisition Corp.(AMEX: GHC) is a blank check company that trades currently and it was formed in 2007 the sponsor to acquire businesses in the global consumer products and services industry.

Jason N. Ader is Chairman, CEO & President, and he founded and serves as the president and CEO of Hayground Cove Asset Management, LLC.  Since 2007, Mr. Ader has also served as Chairman of Global Consumer Acquisition Corp.  Since 2006, Mr. Ader has served as Chairman of the Board of India Hospitality Corp., a blank-check company formed to acquire Indian businesses or assets in the hospitality, leisure, tourism, travel and related industries that successfully completed its acquisition of related flight catering, restaurant and hotel businesses in India in July 2007.

Jon C. Ogg
March 4, 2008