Attached files
| file | filename |
|---|---|
| 8-K - SP Acquisition Holdings, Inc. | form8k06856_10132009.htm |
| EX-2.1 - SP Acquisition Holdings, Inc. | ex21to8k06856_10132009.htm |
Exhibit 99.1
SP
Acquisition Holdings, Inc. Announces Liquidation and Dissolution
NEW YORK,
NY, October 13, 2009 -- SP Acquisition Holdings, Inc. (NYSE AMEX: DSP) (the
“Company”) announced its proposed plan of liquidation today. As of the close of
business on October 14, 2009, the Company’s share transfer books will close. The
Company has advised the NYSE Amex to deregister the Company’s securities with
the Securities and Exchange Commission.
The
Company is a blank check company formed for the purpose of acquiring, through a
merger, capital stock exchange, asset acquisition or other similar business
combination, one or more businesses or assets. Since the Company did
not consummate a business combination by October 10, 2009, the time frame
required by its amended and restated certificate of incorporation and the terms
of its initial public offering, the Company’s existence will terminate and the
Company has adopted a plan of liquidation in accordance with its amended and
restated certificate of incorporation and applicable Delaware law.
The
Company expects to distribute the amounts held in its trust account, which
consist of proceeds from the Company’s initial public offering, together with
the deferred portion of the underwriters’ discount and commission and unexpended
interest (net of applicable taxes and reserves for contingent
liabilities). Liquidating distributions will be made to holders of
shares of the Company’s common stock issued in the Company’s initial public
offering payable upon presentation of certificates evidencing shares in the
Company. Stockholders whose stock is held in “street name” through a
broker will automatically receive payment through the Depository Trust
Company. The liquidating distribution is expected to be approximately
$9.85 per share. No payments will be made with respect to any of the
Company’s outstanding warrants or shares of common stock that were issued prior
to the Company’s initial public offering.
The
Company will deregister its securities under the Securities and Exchange Act of
1934, as amended, and delist its shares on the NYSE Amex. As a
result, the Company will no longer be a public reporting company and its
securities will cease trading on the NYSE Amex as of the close of business on
October 14, 2009.
About
SP Acquisition Holdings
SP
Acquisition Holdings is a blank check company organized under the laws of the
State of Delaware on February 14, 2007. It was formed for the purpose
of acquiring, through a merger, capital stock exchange, asset acquisition or
other similar business combination, one or more businesses or
assets.
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Contact:
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Sanford
Antignas
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590
Madison Avenue, 32nd Floor
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New
York, NY 10022
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Tel.
(212) 520-2300
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Forward-Looking
Statements
This
press release contains forward-looking statements that involve risks and
uncertainties. These statements reflect management's current beliefs and are
based on information currently available. Forward-looking statements are based
largely on expectations about future events and are subject to numerous
assumptions, risks and uncertainties, which change over time. The Company’s
actions could differ materially from those anticipated in forward-looking
statements and you should not place any undue reliance on such forward looking
statements. Factors that could cause the Company’s actions to differ from these
forward-looking statements include the risks and uncertainties disclosed in the
Company’s filings with the SEC.