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Overview
JK
Acquisition Corp. (“JKA”) was
incorporated in Delaware
on May 11, 2005, in order to serve as a
vehicle for a business combination with
an operating business. We closed our
initial public offering (“IPO”) on
April 17, 2006. Total gross
proceeds of the offering and related
private placement were $81,350,004.
As of the date of our IPO, we had
$76,532,404 held in our Trust Account.
We were not successful in completing a
business combination within the time
frame described in our charter and JKA
commenced the process of liquidating the
Trust Account. The payment date
for distributions from the Trust Account was
June 2, 2008. The ex dividend date was
set at June 3, 2008. Public stockholders
holding shares as of the end of the day
preceding the "ex dividend" date set by
the Financial Industry Regulatory
Authority (FINRA) were entitled to
receive the distributions. Public
stockholders who sold their shares
before the "ex dividend" date also sold
the right to the distribution by virtue
of a due bill. Due bills were redeemable
on June 5, 2008. At the date of
liquidation, June 2, 2008, the Trust
Account had a balance of $81,190,595
(net of $98,110 withheld for taxes). The
liquidation of the Trust Account resulted
in a distribution of $6.14 per share to
eligible shareholders. JKA is now
a public shell company with no
significant assets.
JK
Acquisition Corp. has had no operations
since inception and reports as a development
stage company.
Our
efforts in identifying a prospective
target business will not be limited to a
particular industry. We will only focus
our efforts on cash flow positive
companies that have historically
generated positive earnings before
interest, taxes and depreciation in
basic industry opportunities involving
manufacturing, distribution and service.
Additionally, we expect to focus on
companies that have historically
exhibited the ability to increase
revenues on an annual basis.
Examples
of qualities we will look for in a
target company include:
•
experienced operating management groups;
•
demonstrated track records of historical
growth in revenues and cash flow;
•
involvement in an industry providing
opportunity for additional acquisitions;
•
regulatory or technical barriers to
entry; and/or
•
companies
with identifiable growth prospects with
a need for growth capital.
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