SPACupdate.com produces reports on blank check companies, stake purchases and live deal situations.
Three blank check companies: 2020 ChinaCap Acquiro (AMEX: TTY), NRDC Acquisition (AMEX: NAQ) and Capitol Acquisition Co. (AMEX:CLA), are all trading at or above their trust values prior to their deal votes. This signals growing investor confidence in the targets the SPACs have selected.
On Oct. 15, TM Entertainment & Media (NYSE: TMI) will have its deal vote to buy China MediaExpress, an advertising company. The SPAC’s shareholder base is primarily occupied by yield-to-trust investors, which may hobble its efforts to take its target public. Already, one of TM Entertainment’s shareholders, Bulldog Investors, sought to have the company liquidate early instead of pursue a merger.
Capitol Acquisition Co. (AMEX: CLA), the SPAC that aims to bring public Two Harbors Investment Corp., will have its deal vote Oct. 26. Ideation Acquisition Co. (AMEX: IDI) delayed its deal vote one day, to Oct. 27.
No SPACs have deal votes set for this week.
Bulldog Investors reported in a federal filing that it sold part of its stake in InterAmerican Acquisition Group (OTC:IAQGU), the SPAC that brought public development company China New Cities. The investor previously held about nine percent.
Wesley Capital Management revealed it has a stake of nearly nine percent in NRDC Acquisition Co. (AMEX: NAQ).
Millennium Management sold out of its stake in Hicks Acquisition Co. (AMEX: TOH) before the blank check got its deal approved. On Friday, Hicks’ deal to buy Resolute Natural Resources was approved by shareholders, marking a surprising turnaround for the blank check that just a couple of months ago had a stalled deal to buy Graham Packaging.
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