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Email UpdatesSPACupdate.com monitors live deals involving blank check companies, associated stock and warrant transactions and relevant personnel moves. So far this week, shareholders approved one SPAC transaction and shot another down and two blank checks with deals in place elected to instead dissolve. Six SPAC deal votes are still due this month.
Inter-Atlantic Financial (AMEX: IAN) saw its deal to buy a Florida insurance company rejected without much fanfare. Little volume in the blank check moved Wednesday, when the SPAC held its vote, almost five months after announcing its intent to buy Patriot Risk Management.
SP Acquisition Holdings, Inc.(AMEX: DSP) cancelled its vote date and announced its merger, set for a vote this week to bring public Frontier Financial, a West Coast banking operation, would not succeed. The SPAC was supposed to have its deal vote on Oct. 8 and investors familiar with the blank check indicated its CEO, Warren Lichtenstein, had been in discussions to buy back shares recently.
Stone Tan China Acquisition (OTCBB: STTA) announced it would give up on its deal and liquidate, just one day after activist stakeholder Bulldog Investors announced a seven percent holding in the SPAC, adding to what was already a lengthy list of shareholders that are yield-to-trust players. The SPAC indicated difficulty getting its deal approved by the Chinese government by its vote deadline would derail the merger.
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