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.

Enterprise Acquisition Co. (AMEX: EST) will bring to shareholders another SPAC-REIT deal, in hopes that increasingly risk-hungry investors will sign off on its merger similar to how NRDC Acquisition Co. (AMEX: NAQ) and Capitol Acquisition Co. (AMEX: CLA) have. SPACs making plays in the distressed real estate space have found unparalleled support among shareholders who have been only too eager to send share prices shooting past redemption value prior to deal votes. Enterprise, however, is seeing shares trade well off their redemption value (by about $0.74 after Tuesday’s session). It is worth noting that, even as market prognosticators warm up to blank checks again, still other recent SPACs have seen share value take a fall in the event of a successful deal vote, and during a week where markets have seen overall value fall, this might end up being an insider’s harbinger of a completed transaction. Enterprise warrants are trading for around $0.30.

SPACUpdate provides daily reports and e-mails covering blank checks, their targets and relevant actionable trading data.  For more, visit SPACupdate.com.

NRDC Acquisition Co. (AMEX: NAQ) is mimicking the expected success of SPACs that are buying or have bought REITs—except, instead of trying to buy one, like Capitol Acquisition Co. (AMEX: CLA) or Enterprise Acquisition Co. (AMEX: EST), the $414 million SPAC has elected to become one, with its shareholders expected approval on Oct. 20. For a while, NRDC shares have traded above their redemption value, making that SPAC and 2020 ChinaCap two of the three currently trading at such a high value. Shares are trading at around $10.40, about five percent above trust. Recently, warrants were trading at around $1.05 and market sources have indicated the blank check’s deal will be pushed through.

Investors have not been as high on Triplecrown Acquisition Co. (AMEX: TCW), the SPAC that looks to bring public Natural Dairy, a subsidiary of Cullen Agricultural Technologies. The SPAC wants to buy the milk farm process optimizer that will also use proceeds from the $552 million blank check to buy distressed properties—namely, farmland. It is expected that on Oct. 21, the SPAC will convene shareholders for a deal vote; the blank check only has until Oct. 22 before it will be forced to liquidate without a completed merger. Shares have been trading recently at around $9.24, more than $0.50 off trust, and warrants are selling for a mere $0.09.

Brought exclusively by the SPACupdate.com team.

October 19, 2009

AutoZone Inc. (NYSE: AZO) has again gotten back to new 52-week highs after the retailer and distributor of automotive replacement parts and accessories posted a 9% gain in earnings.  Keeping your old car means more repairs.  This hit $157.49, and the 52-week range had been $84.66 to $148.50.

Enterprise Acquisition Corp. (EST) is a SPAC which recently terminated a merger with WF Capital Holdings.  It will still seek to pursue a business combination with a target business prior to November 7, 2009.  This matched its 52-week high of $9.54 on very thin volume.

O’Reilly Automotive (NASDAQ: ORLY) traded as high as $33.88 today, and its prior 52-week trading range was $20.00 to $33.80.  The news, look no further than AutoZone….

Scopus Video Networks Ltd. (NASDAQ: SCOP) is a micro-cap that hit the $5.55 high today, and its range had been $2.95 to $5.55.  It looks like this may just be an HDTV play as it is involved in digital video networking solutions that enable network operators to offer advanced video services to their subscribers.

Trans-India Acquisition Corp. (TIL) is a bit odd that it would be on highs considering that it is a SPAC which has pursued to liquidate.  It hit $8.01 today on thin volume and its 52-week range was $6.95 to $7.96.

JON C. OGG
MARCH 3, 2009

Enterprise expects this merger to close later this year or early in2009.  Terms will include the assumption of some $490 million in debt.Workflow is one of the largest and fastest growing print andpromotional products companies and now has nearly $1.2 billion inannual revenue after including the planned acquisitions being proposed.

Enterprise raised $250 million in its IPO back in November 2007.Shares of Enterprise Acquisition closed have traded in a range of $8.98to $9.50 in an adjusted trading range and closed Friday at $9.49.

Jon C. Ogg
August 25, 2008