Trian Acquisition I Corp. Announces Liquidation
December 18 2009 - 9:15AM
Business Wire
Trian Acquisition I Corp. (NYSE Amex:TUX) (the “Company”)
announced that its Board of Directors has approved a plan of
distribution. The Company expects that liquidating distributions
will commence as soon as practicable following January 23, 2010.
The Company also expects that its warrants will cease trading on
the NYSE Amex after the close of business on December 17, 2009 and
that its shares and units will cease trading on the NYSE Amex after
the close of business on January 22, 2010.
The Company is a special purpose acquisition company formed in
October 2007 for the purpose of effecting a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or
similar business combination with one or more domestic or
international operating businesses or assets, within a prescribed
time frame required by its amended and restated certificate of
incorporation and the terms of its January 2008 initial public
offering.
The Company has evaluated numerous potential business
combination opportunities since its initial public offering.
Ultimately, the Company was not able to consummate a transaction
that met its disciplined investment criteria. Therefore, the
Board of Directors of the Company has concluded that it is in the
best interest of its stockholders to liquidate and return proceeds
in the trust account to stockholders.
The Company will liquidate the amounts held in its trust
account, which consist of proceeds from the Company’s initial
public offering and private placement of warrants, together with
the deferred portion of the underwriters’ discount and commission
and interest (net of applicable taxes and amounts withdrawn from
the trust account to cover working capital expenses). Payable upon
presentation, liquidating distributions will be made to holders of
shares of the Company’s common stock issued in its initial public
offering. Stockholders whose stock is held in “street name” through
a broker will automatically receive payment through the Depository
Trust Company. As of December 17, 2009, the balance in the trust
account (net of expected payments of expenses) was approximately
$909 million, or approximately $9.88 per share of common stock
issued in the Company’s initial public offering. The Company may
incur additional expenses prior to the distribution date that may
reduce the per share value of the trust account. No payments will
be made with respect to any of the Company’s outstanding warrants
or shares of common stock that were acquired prior to the Company’s
initial public offering.
The Company will file with the Securities and Exchange
Commission a Certification and Notice of Termination of
Registration on Form 15 for the purpose of deregistering its
securities under the Securities Exchange Act of 1934, as amended,
and the Company will delist its shares, warrants and units from the
NYSE Amex. As a result, the Company will no longer be a public
reporting company.
Questions regarding the Company’s liquidation should be directed
to Shareholder Services at American Stock Transfer & Trust
Company at (800) 937-5449.
Forward-Looking Statements
This press release includes forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 that involve risks and uncertainties.
Forward-looking statements are statements that are not historical
facts. Such forward-looking statements, based upon the current
beliefs and expectations of the Company’s management, are subject
to risks and uncertainties, which could cause actual results to
differ from the forward-looking statements.
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