Highlands Acquisition Corp. Announces Liquidation and Dissolution
September 25 2009 - 4:05PM
Business Wire
Highlands Acquisition Corp. (NYSE Amex: HIA.U, HIA, and HIA.WS),
(the "Company") announced today that the Company’s existence will
terminate on October 3, 2009 and that the Company’s board of
directors has approved a plan of liquidation. As of the close of
business on October 2, 2009, the Company’s share transfer books
will close and the NYSE Amex will suspend trading.
The Company is a “blank check” company formed for the purpose of
acquiring, through a merger, stock purchase, asset acquisition or
other similar business combination, one or more operating
businesses. Since the Company will not consummate a business
combination by October 3, 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. In addition, if and
when received by the Company, stockholders will receive their
proportionate share of any federal tax refund claimed by the
Company in the Company’s 2009 federal income tax return. 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 2, 2009.
About Highlands Acquisition Corp.
Highlands Acquisition Corp. is a blank check company formed for
the purpose of effecting a merger, capital stock exchange, stock
purchase, asset acquisition or other similar business combination
with one or more operating businesses.
Forward-Looking Statements
This press release may contain forward-looking statements within
the meaning of the federal securities laws. These forward-looking
statements inherently involve risks and uncertainties that are
detailed in the Company's prospectus and other filings with the
Securities and Exchange Commission and, therefore, actual results
could differ materially from those projected in the forward-looking
statements. The Company assumes no obligation to update publicly or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
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