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.

Exceed Co. (NASDAQ: EDS), the Chinese apparel maker brought public through 2020 ChinaCap Acquiro, announced that it will accept warrants in exchange for shares on a 3.96:1 basis. The deal offers warrant holders a quick, guaranteed option into the company’s shares and to Exceed execs, to them it offers a quick chance to curb dilution. The offer begins Nov. 30, and will continue for 20 business days after; at the end of the offer, Exceed warrants’ old rules revert back into place.

Next week’s deal has Tremisis Energy Acquisition II (AMEX: TGY) looking to bring public Asiana IDT, a Korean information technology firm, on Dec. 1. The SPAC is one of two that were redirected by Sang Chul-Kim when the Korean businessman assumed control; North Shore Acquisition (OTC: NSAQ) is his other buyout vehicle. That SPAC has until Dec. 5 to complete its merger, although it aims to extend that until March 2010.

Camden Learning (OTC: CAEL) completed its deal to buy National American University, an online college operator. The SPAC’s success came on an $8 million forward contract with an unnamed investor; it looks as if there is another player in the blank check market looking to fill Victory Park Capital Advisors’ shoes.

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.

GHL Acquisition Co. (AMEX: GHQ) has plans to issue more shares of its stock to execute warrant buybacks, the SPAC revealed. Last week, the SPAC announced buybacks of more than 10 million shares to complete its merger with Iridium Holdings. Sources familiar with the situation say the SPAC will ultimately get its deal completed.

InterAmerican Acquisition Co. (OTC: IAQGU) has its vote date set for Sept. 8, after multiple delays. The blank check could still push the vote date back as far as Sept. 10, but no further, as Thursday is its deal deadline. Despite buybacks of $24 million, sources say the blank check still had more work as of Friday to complete its merger.

Hicks Acquisition Co. (AMEX: TOH) has a potential ally as it looks to bring public Resolute Natural Resources. SPO Advisory, a California-based energy investor, has amassed a stake in the SPAC amounting to more than 22 percent. The blank check’s warrants have traded up substantially since Hicks Acquisition backed out of its deal with Graham Packaging and signed its merger agreement with Resolute. The SPAC’s deal vote date is Sept. 22…

2020 ChinaCap Acquisition Co. (AMEX: TTY) has a new investor; Keywise Greater China Opportunities Fund revealed a stake buy of 6% and Israel Englander’s Integrated Core Strategies also reported holdings in the SPAC’s warrants that amounted to nearly 3 million warrants. Integrated has minimal holdings in the SPAC’s stock, as well.

North Shore Acquisition Co. (OTC: NSAQ), the SPAC that recently saw Tremisis Energy Acquisition Co. II CEO Sang Chul-Kim take its helm, also has a new investor: Tiger Europe Master Fund Ltd. filed at 13G with the SEC revealing it has a 5.5% stake.

-The SPACUpdate Staff
SPACUpdate.COM

SEPTEMBER 8, 2009