TAC Acquisition Corp. Announces Results of the Special Meeting of Stockholders on December 29, 2006
Market Wire "US Press Releases "
GREENWICH, CT -- (MARKET WIRE) -- 12/29/06 -- TAC Acquisition Corp. (OTCBB: TACA) (OTCBB: TACAU) (OTCBB: TACAW) announced today that the holders of a majority of the common stock of TAC entitled to vote at the special meeting of the stockholders held today, voted against the proposal to consummate a business combination with AVIEL Systems, Inc., as presented in the TAC proxy statement dated December 7, 2006. As a result, TAC and AVIEL have jointly determined to terminate the merger agreement by and among TAC, AVIEL and R. John Chapel, the sole shareholder of AVIEL.
TAC intends to promptly begin the process of liquidating its trust account in accordance with its charter and applicable Delaware law.
About TAC Acquisition Corp.
TAC Acquisition Corp. is a publicly traded company formed for the purpose of acquiring an operating business in the following technology-related sectors: software, IT services, media, telecommunications, semiconductor, hardware, internet and technology-enabled services. Approximately $120 million of net proceeds were raised through TAC's initial public offering in June 2005 (symbols: TACA, TACAU, TACAW).
Forward-looking Statements
This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions. Any statements that are not statements of historical fact (including statements containing the words "believes," "plans," "anticipates," "expects," "estimates" and similar expressions) should also be considered to be forward-looking statements. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements. These factors are identified from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to update such statements to reflect subsequent events.
posted TAC intends to promptly begin the process of liquidating its trust account in accordance with its charter and applicable Delaware law.
Squire38
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TACA is bouncing, so I would assume TACAW will too.
Trade em, don't invest.
Squire38
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In at 44 (average) sold 3/4 of them at 58.
Riding free.
stocktrader22
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If they are liquidating their trust account, seems to me the warrants are worthless no?
Squire38
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Hell if I know. LOL. I'm up 34% though.
jos_tul
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quote:Originally posted by stocktrader22: If they are liquidating their trust account, seems to me the warrants are worthless no?
I agree..technically they are worthless now
jos_tul
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MMs trying to make this run 1 last time...they know it is worthless
BENJAMINS
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seems like its ready to bounce back in my opinion... Got in for a few though.
Squire38
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An amount of approximately $125,900,000 of the net proceeds is being held in a trust account (“Trust Account”) and is invested in money market funds composed of either primarily short-term securities issued or guaranteed by the U.S. government or primarily tax-exempt municipal bonds until the earlier of (i) the consummation of its first Business Combination or (ii) the distribution of the Trust Account as described below. The remaining proceeds may be used to pay for business, legal and accounting due diligence on prospective acquisitions and continuing general and administrative expenses. The Company, after signing a definitive agreement for the acquisition of a target business, will submit such transaction for stockholder approval. In the event that 20% or more of the outstanding stock (excluding, for this purpose, those shares of common stock issued prior to the Offering) vote against the Business Combination, the Business Combination will not be consummated.
Squire38
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Per the 10Q it doesn't seem that the warrants have anything to do with the trust account.
See my post above.
I'm digging into the filings for the terms of the warrant.
Squire38
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On July 1, 2005, the Company sold 20,000,000 units (“Units”) in the IPO for $6.00 per Unit. Each Unit consisted of one share of the Company’s common stock, $.0001 par value per share, and two redeemable common stock purchase warrants (“Warrants”). Each Warrant entitles the holder to purchase from the Company one share of common stock at an exercise price of $5.00 commencing on the later of (a) June 28, 2006 or (b) the completion of a Business Combination with a target business, and expiring June 28, 2010. However, no Warrant will be exercisable unless at the time of exercise a prospectus relating to common stock issuable upon exercise of the warrants is current and the common stock has been registered under the Securities Act of 1933 or qualified or deemed to be exempt under the securities laws of the state of residence of the holder of the Warrants. If, at the time of exercise, a registration statement is not effective for the common stock issuable upon exercise of the Warrants, the Warrants could expire worthless. In no event will any holder be entitled to receive a net cash settlement upon exercise of any warrants. The Warrants are redeemable at a price of $.01 per Warrant upon 30 days notice after the Warrants become exercisable, only in the event that the last sale price of the common stock is at least $8.50 per share for any 20 trading days within a 30 trading day period ending on the third day prior to the date on which notice of redemption is given.
In connection with the Offering, the Company issued an option, for $100, to the representative of the underwriters to purchase 1,000,000 units (the underwriters’ unit purchase option or “UPO”) at an exercise price of $7.50 per unit, which otherwise have terms comparable to the Units. The warrants underlying the UPO are exercisable at $6.65 per share. All of the initial stockholders were granted certain registration rights.
jos_tul
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Dipping
Squire38
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Sold the other 1/4 shares at 75. Good luck guys.
Squire38
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I'll jump back in after the dip. I might not have time to post my entry point though. If this 70 holds as support, I might have to buy back some shares at 75.
Fuzzy1018
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whats the story here, down big. would it be wise to pick some here? might dip little further imo. any thoughts?
Fuzzy1018
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choicetrade wouldn't let me buy? any idea why?
Squire38
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No idea. I bought more with that dip in the 30s.
Squire38
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Sold what I bought at 30 on Friday for 45 today. May buy more on the next bounce.
ridethewave
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Big bounce coming!
a surfer
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why do you say that RTW
ridethewave
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The stock TACA have not tanked. it still trades at 5.58. The warrants gives rights to buy shares of TACA at $5.00 that you can sell at 5.58 as of today. In my opinion, that means, the warrants are still not worthless IMHO. Also, although the pinksheets.com does not show the expiration date for these warrants, if you go to the ihub and go to the pps history page, it shows the warranty expiration date of 2010. It's still gambling but in opinion, the pps drop in warrant was an act of mm's collecting cheap shares. They will sell it back to us at much higher price in 2-3 weeks. imo
stocktrader22
posted
lmao...same situation as MSMAW
they are pretty much worthless unless a huge acquisition comes around.
posted ![[Smile]](smile.gif)