BPW Acquisition Co. (AMEX: BPW) shareholders overwhelmingly approved the SPAC’s deal to merge with Talbots (NYSE: TLB) with a 91% approval. The SPAC’s warrants traded up, to about $1.40, and common shares remained above trust at the close of trading Wednesday. However, BPW is not yet out of the woods: its deal also hinges on a warrant holder conversion vote. The SPAC is has amended its warrants so that only half of them would need to agree to a restructuring, instead of 90 percent.

Hambrecht Asia Acquisition Co. (OTC: HMAQF) now has a deal to buy LCD maker Guanke (Fujian) Electron Technological Industry Co. and the SPAC seeks to now extend its deal deadline. Despite having little volume recently, the SPAC’s management is committed to completing its deal and SPACupdate.com anticipates the blank check’s deadline delay will be approved, paving the way for a lengthy buybacks campaign. The SPAC’s warrants traded up immediately, to $0.55.

BBV Vietnam SEA Acquisition Co. (OTC: BBVVF) has been besieged by shareholders intent on buying up shares to withhold from the SPAC until it agrees to buybacks. Victory Park Capital Advisors, a hedge fund that has typically worked with SPACs to sell shares back above trust value, took a stake in the blank check; its warrants have seen value slide as nervous investors have begun dumping their positions. BBV warrants were recently being offered in the $0.16 range. In 2009, BBV announced plans to buy Migami Inc., which sells cosmetic products and licenses drug-delivery systems and technologies to pharmaceutical companies.

Both Western Liberty Bancorp (AMEX: WLBC) and Ultimate Escapes Inc. (OTC: ULEI) announced exchanges would be de-listing them. Western Liberty, which has a re-scheduled vote date to bring public a portion of its initial target, will try to appeal the exchange’s final decision, but Ultimate Escapes is already trading Over-The-Counter.

China Fundamental Acquisition Co. (OTC: CFQCF) completed its deal to bring public Beijing Wowjoint Machinery Co. Ltd.; since then, the SPAC’s shares have faltered, slightly losing value.

While the US SPAC pipeline remains clogged, in Korea, blank checks are being welcomed there by investors. Mirae Asset Securities, Hyundai Securities, Tong Yang Investment Bank and Daewoo Securities are all in the process of having SPACs listed on the Korean Stock Exchange. Most of the SPACs are about $20 million in size, aside from Daewoo’s, worth about $75 million.

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Warrants in Atlas Acquisition Co. (AMEX: AXG) have slid lately as the SPAC’s deal deadline approaches. Shareholders supporting the deal point toward lingering unemployment as a signal that Select Staffing, the temp worker service Atlas plans to buy, will trade well post-close. Also, Federated Investors is backing the deal. Whether or not hedge funds can kill the deal remains to be seen; the SPAC has not yet announced any buyback plans. Atlas’ deal vote also comes Friday.

Foreign investors have given rise to SPACs overseas, also, and they look very familiar to their American predecessors. On the Frankfurt Stock Exchange, Helikos SE (HIT, HIT1) shares and warrants have not traded well in the days since the SPAC began listing 25 million units. The €200 million ($272 million) SPAC has 24 to 30 months to wrap up a merger with a German company and engage at least 65% of its shareholders or they will be redeemed about €9.96. Warrants are exercisable at €9 and do not expire for five years.

China Fundamental Acquisition Co. (OTC: CFQCF) got a big boost Monday when, sources say, the SPAC’s management locked up a big portion of shares it needed to keep a no-voter out. The SPAC, which has seen its warrants trade up to $1.10 and shares trade well beneath trust in weeks closing up to its Friday vote date, is said to be a lock to complete its deal to bring public Beijing Wowjoint Machinery Co.

AutoChina International (NASDAQ: AUTC), the Chinese car financing company brought public in 2009 via Spring Creek Acquisition Co., filed paperwork with regulators to raise more than $300 million in additional securities sales. Since being brought public, the company has traded in excess of 475% of the SPAC’s IPO value.

Now that foreign markets have adopted SPACs, we expect that more blank checks will be launched in Europe and Korea.

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Tomorrow, CS China Acquisition Co. (OTC: CSAQF) will have its deal vote to bring public Asia Gaming & Resort Ltd., which has gotten a positive reception from warrant holders and shareholders. Warrants have traded well, at $0.58 each, and shares are trading $0.16 off trust, at $5.80. Thanks in part to the SPAC’s small size, we project this merger will be approved by shareholders Tuesday.

Atlas Acquisition Co. (AMEX: AXG) will also have a deal vote later this month; the SPAC’s shares are trading about $0.19 off trust and warrants are trading at a low $0.25 each. As the SPAC works to bring public Koosharem Corp.’s Select Staffing, it is expected that buybacks will be announced prior to its Feb. 12 vote date. SPACupdate.com will continue to monitor the ongoing situation.

Also set for a Feb. 12 vote date is China Fundamental Acquisition Co. (OTC: CFQCF); this deal vote’s tea leaves read a little more clearly. With warrants trading in excess of $1 each, it is expected the SPAC’s deal to buy Beijing Wowjoint Machinery Co. will be approved by shareholders eager to latch onto China’s ongoing economic renaissance.

Today, ARMOUR Residential REIT Inc. will de-list from the AMEX and onto the OTC Bulletin Board after failing to meet exchange requirements. The company’s new ticket symbols for shares and warrants will be AMRR (common) and AMRRW, respectively. The REIT was brought public via Enterprise Acquisition Co.

Finally, there is more news from the SPAC world regarding upcoming blank checks. With just one SPAC issued since the 2008 markets crash, Helikos SE, which will list on the Frankfurt Stock Exchange, could IPO within weeks, sources confirm. Additionally, Spring Creek Acquisition Co.’s management team is said to be speaking to investment banks to prepare a follow up SPAC to one of the most successful blank checks of 2009.

With more merger votes coming soon, SPACupdate.com will continue to monitor blank checks and their ongoing deal situations.

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Kennedy-Wilson Inc. (AMEX: KWIC), the company brought public through Prospect Acquisition Co., wasted little time. The company teamed up with Siguler Guff, another equity investor, to deploy up to $108 million in a joint venture that will have the entities buying into residential condominiums in California and elsewhere.

China Fundamental Acquisition Co. (OTC: CFQCF) will bring public Beijing Wowjoint Machinery Co. Ltd., a Chinese construction machinery company. The SPAC aims to extend its deal deadline from May 2010 to May 2011 and has not announced its specific plans for how it will handle warrants through the transaction. At most, 35% of the SPAC’s shareholders can vote against the $44 million deal.

On Friday and Monday, Sang Chul-Kim SPACs Tremisis Energy Acquisition II (AMEX: TGY) and North Shore Acquisition Co. (OTC: NSAQ) each revealed their merger agreements had collapsed and that they would refund shareholders from trust.

Not surprisingly, Bulldog Investors was the first large buyer to identify itself as a shareholder in GSME Acquisition Partners (OTC: GSMEF), taking a stake of more than 10 percent.

For more on these mergers and other deal votes, please visit www.SPACupdate.com.

Friday, China Holdings Acquisition Co. (AMEX: HOL) will have its deal vote to bring ceramic tile maker Jinjiang Hengda Ceramics Co., Ltd. The SPAC, earlier this week, entered into an agreement with forward contract champ Victory Park Capital Advisors to buy back 4 million shares at a small premium. The $150 million SPAC joins a long list of successful blank checks from this fall—among them, REIT-targeting vehicles Enterprise Acquisition Co. (AMEX: EST)—that used forward contracts to get their deals done.

New SPACs are headed to the market: 57th St. General Acquisition Co., using Morgan Joseph as its bookrunner, filed paperwork this week with regulators stating the intent to bring a $57 million blank check public. The SPAC, like GSME Acquisition Co., has a redemption threshold above the 80% mark. Warrant buyers should take note of the improved odds for a deal’s completion when making investment decisions, when both of these SPACs price. Both SPACs will trade OTC on the Bulletin Board.

Last week, it was revealed that Asia Special Situation Acquisition Co. (AMEX: CIO) lost not just its deal to buy an energy company, but its CEO as well, who resigned. The SPAC still has a few months to complete its deal, but the exit of its leadership and its one-time target spurning its offer to instead accept a $100 million investment elsewhere certainly does not bode well for the blank check.

Prospect Acquisition Co. (AMEX: PAX) completed its deal to buy California REIT Kennedy-Wilson Inc. last week. The SPAC’s merger was helped along, once again, by Victory Park Capital Advisors. China MediaExpress (AMEX: TMI) bought back almost $2 million in warrants, the SPAC revealed, in an effort to curb dilution. And China Fundamental Acquisition Co. (OTC: CFQCF) found a merger partner and might try to extend its deal deadline.

For more on these mergers and other deal votes, please visit www.SPACupdate.com.

Lately, Victory Park has helped several SPACs make it across the finish line, including Hicks Acquisition Co. (AMEX: TOH), Enterprise Acquisition Co. (AMEX: EST) and Triplecrown Acquisition Co. (AMEX: TCW). Earlier this week, Guardian Life Insurance Co., a lender to Kennedy-Wilson, bought into the blank check and was allowed to appoint one of its board members.

China Fundamental Acquisition Co. (OTC: CFQCF) has a deal. The SPAC has not revealed its merger target, so there’s not much more to report than that. The blank check’s warrants, at around $0.95, were trading higher than any other SPAC that had not declared a merger, prior to its announcement. China Fundamental told its shareholders it could look to extend its deal deadline by up to a year, to May 2011.

Global Brands Acquisition Co. (AMEX: GQN) has less than a month to complete a merger, but there is no time to get started like the present. As several SPACs have already done this fall, Global Brands will look to take Gerrity International, a West Coast REIT, public.

North Shore Acquisition Co. (OTC: NSAQ), which was working to get its merger with a Korean offshore drilling company completed by early December, announced that it is now attempting to push its deal deadline back to March 2010.

Asia Special Situation Acquisition Co. (AMEX: CIO) saw its deal with White Energy collapse when its target took a $100 million investment from another bidder. The SPAC now has until Jan. 10, 2010 to identify a new target and get a merger completed.

For more on these mergers and other deal votes, please visit www.SPACupdate.com.

As of August 25, 2009, Arrowgrass Capital Partners announced an 8.4% stake in Secure America Acquisition Co. (AMEX: HLD). The SPAC is yet to identify a target.  Weiss Capital stated in a 13G it has a 1.8% stake in China Fundamental Acquisition Co. (OTC: CFQCF). The SPAC is yet to identify a target.  Weiss Capital sold its stake in Chardan China 2008 Acquisition Co.; previously it held a 5.7% stake (NASDAQ: CACA). The SPAC is yet to identify a target.

As of August 19, 2009, HBK nearly doubled its stake in Westway Group, the company brought public via Shermen WSC Acquisition Co., to 17.4% (OTC: WTWG).

As of August 18, 2009, Victory Park Capital Advisors sold a stake of about 8.5% in AutoChina Intl., the company brought public via Spring Creek Acquisition Co. (OTC: AUCUF). Integrated Core Strategies, the investment arm of Israel Englander, reduced 11% to 2% its holdings in Global Consumer Acquisition Co. (AMEX: GHC).  The SPAC is currently having difficulty securing assets it planned to buy from Colonial BancGroup after that entity failed and was absorbed into BB&T.

As of August 17, 2009, Integrated Core Strategies, took a 5.5% stake in CS China Acquisition Co. (OTC: CSAQF). The SPAC, which has until 2011 to declare a target, has not yet done so.

As of August 14, 2009, Integrated Core Strategies, revealed in a 13D it has a stake of nearly 50% in Westway Group (OTC: WTWG).

As of August 12, 2009, Integrated Core Strategies, reduced its stake in Ideation Acquisition Co. (AMEX: IDI) to 3.3%. A 2007 filing by the investor revealed an 8% stake. The SPAC aims to bring public SearchMedia, a China-based advertiser, by this November.

SPACUpdate also welcomes tips on smaller stake buys at tips@SPACupdate.com.

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