Just saw this is down over 98.5% today on news of liquidation of the company.
Anyone with experience in something like this think there's any play here, or is it as simple as it seems, everyone's getting whatever they can get and this will never trade any higher than this point?
Posted by hbomb on :
Interesting...shareholders voted down acquisition proposal. Will do some more DD...
Posted by hbomb on :
HOUSTON, Sept. 25 /PRNewswire-FirstCall/ -- Coastal Bancshares Acquisition Corp. (OTC Bulletin Board: CBAS - News, CBASU - News, CBASW - News; "Coastal" or the "Company"), a public company organized to complete a business combination with a commercial bank or bank holding company, provides some additional information with respect to its upcoming special meeting of stockholders related to its merger with Intercontinental National Bank Shares Corporation ("Intercontinental"). As previously announced, Coastal and Intercontinental have entered into a definitive merger agreement pursuant to which, and subject to the approval of Coastal's stockholders, Coastal will acquire Intercontinental in an all cash transaction.
* The record date for the stockholders' meeting to vote on the merger and related resolutions is the close of business on September 27, 2006, and the stockholder meeting date is October 26, 2006. * Coastal's cash liquidation value per share as of August 31, 2006 was approximately $5.46 per share. * As of September 25th, current trading prices of Coastal common stock were below the estimated liquidation value per share. * Coastal warrant holders are not entitled to vote in the special meeting. * If holders of 20% or more of Coastal's common stock vote against the merger with Intercontinental then Coastal will be required to liquidate. Coastal's warrants are not entitled to participate in the proceeds from this liquidation. * In order to vote in the special meeting, you must own Coastal common stock as of the close of business on the record date. The latest date to purchase Coastal common stock and to be able to vote is Wednesday, September 27, 2006.
Posted by hbomb on :
I grabbed 50,000 shares just for the hell of it. $5.46 per share sounds good to me...
Posted by hbomb on :
Forget it...the warrants are worthless as they receive nothing in the liquidation. Oh well...I'll sell for a small loss
Posted by hbomb on :
Hmmmm...gapping. I might get lucky after all!
Posted by PCola77 on :
LOL, so what did you buy/sell at hbomb? I wish I woulda bought at .002 when I saw it and sold when it went back to .008. Woulda been 400% in like 10 minutes. Oh well.
Wait, I don't see any volume on Microcaptrade, but I see some on alphatrade. Weird.
Oh I just got it now, the CBASW is a warrant on CBAS, and that's what the W stood for at the end? That's why I never trade 5 character symbols, I never understand WTF the mean (except "E" and "Q", obviosuly)