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TOPIC: GHBAA

GHBAA 7 years 7 months ago #1538

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[Discrepancies on the GHBAA 1 for 10 reverse split on 9/02/2010]
Discrepancies on the GHBAA 1 for 10 reverse split on 9/02/2010.

They did a 1 for 10 reverse split on 9/2/2010 per the OTCBB website:[size=xx-small]
9/2/2010 GHBAA Good Harbor Partners Acquisition Corp. Class A Common Stock GHBAD UAN Cultural & Creative Co., Ltd. Class A Common Stock 1-10 R/S **
9/2/2010 GHBAU Good Harbor Partners Acquisition Corp. Unit Class A GHBAU UAN Cultural & Creative Co., Ltd. Unit Class A **
9/2/2010 GHBAW Good Harbor Partners Acquisition Corp. Class W Warrants 3/7/2011 GHBAW UAN Cultural & Creative Co., Ltd. Class W Warrants 3/7/2011 **
9/2/2010 GHBAZ Good Harbor Partners Acquisition Corp. Class Z Warrants 3/7/2013 GHBAZ UAN Cultural & Creative Co., Ltd. Class Z Warrants 3/7/2013 **
[/size]
www.otcbb.com/asp/dailylist_detail.asp?mkt_ctg=ALL&d=09/01/2010

Note that they reverse split the Common stock, but not the Units (GHBAU) or the Warrants (GHBAW and GHBAZ). That appears to be a mistake since the units consist of two common shares (GHBAA) and 10 Z warrants (GHBAZ).

The DEF14A SEC filing states specifically that the Warrants will be included in the reverse split:
Effects on Reverse Stock Split on Warrants: The number of shares of Common Stock subject to outstanding warrants and stock options issued by the Company will be reduced by the same ratio as the reduction in the outstanding shares of Common Stock resulting from the Reverse Stock Split. The number of shares of underlying stock warrants and stock options will be reduced by a factor of 10. Under the terms of the warrants and stock options, and assuming, a 1-for-10 Reverse Stock Split, the number of shares covered by each outstanding warrant and stock option will be reduced to one-tenth the number currently covered and the exercise price will be increased by ten times the current exercise price.
www.sec.gov/Archives/edgar/data/1337009/...2/v192125_def14a.htm

In my opinion, here is what could happen:
1. They could issue another reverse split for GHBAU, GHBAZ, and GHBAW (I would bet on this).
2. They may say that GHBAU, GHBAZ, and GHBAW were included in the original reverse split and those that sold will need to cover their shorts.
3. Nothing happens and if you bought GHBAU, GHBAZ, or GHBAW, you got a deal.

I OWN GHBAA AND GHBAU PURCHASED ON THE OPEN MARKET.
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GHBAA 8 years 11 months ago #1472

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[Re: GHBAA]
very interesting. thanks for sharing your dd on this!
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GHBAA 8 years 11 months ago #1470

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[Re: GHBAA]
GHBAA was a SPAC that raised about $55 million. They never did a reverse merger so they spun the cash back to shareholders and contined as a shell. This is very similar to PXIA. The GHBAA IPO was a little messy in that they had two classes of stock (A & B), Unit and warrants for both with the following symbols: GHBAA, GHBAU, GHBBB, GHBBU,
GHBAW, GHBAZ. It appears from fromt the SEC filings that the class B stock (GHBBB, GHBBU, GHBAZ) was canceled upon redistribution of the cash, but I still get quotes on all the symbols. GHBAA was added to the Profile List.

SEC Filings:
www.sec.gov/cgi-bin/browse-idea?action=g...ner=exclude&count=40
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GHBAA 8 years 11 months ago #1468

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[GHBAA]
otcbb shell. under 6 million shares outstanding.
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