JK Acquisition Announces Record Date for Trust Fund Distribution and Voluntary AMEX Delisting
May 06 2008 - 5:16PM
Business Wire
JK Acquisition Corp. (AMEX:JKA) (the �Company�) today announced
that its Board of Directors has set May 16, 2008 as the record date
for determining the stockholders who are entitled to receive
distributions from the Trust Fund established by the Company at the
consummation of its initial public offering (the �IPO�) and into
which a certain amount of the net proceeds of the IPO were
deposited (the "Trust Fund"). Public stockholders at the close of
business on May 16, 2008 will receive approximately $6.10 per share
held by them. The Company has not yet set a date on which the
distribution will be made, but such date is expected to be set
within the next 30 days as various regulatory compliance matters
are completed. Public stockholders at the close of business on May
16, 2008 must retain ownership of their shares until the �ex
dividend� date to be set in the future in order to be entitled to
receive distribution amounts with respect to these shares. The
Company expects that the Financial Industry Regulatory Authority
(FINRA) will be the authority setting the �ex dividend� date in the
fairly near future, and the Company has no control over the setting
of this date. As a practical matter, this means that although the
Company will make the Trust Fund distribution to public
stockholders at the close of business on May 16, 2008, if these
stockholders sell their shares between May 16, 2008 and the �ex
dividend� date, they will also be selling the right to the
distribution by virtue of a due bill. The Company further announced
today that it has filed with the American Stock Exchange (the
�AMEX�) a written notice of the Company�s intention to withdraw
voluntarily from listing all three classes of the Company�s
securities currently listed on the AMEX. The three classes of the
Company�s securities to be withdrawn from listing include (a) the
Company�s Units (each Unit consisting of one share of Common Stock
and two Warrants), (b) the Company�s Common Stock (par value
$0.0001 per share), and (c) the Company�s Warrants (each Warrant is
exercisable for one share of Common Stock). The reason for the
withdrawal from listing is that the Company cannot meet the AMEX�s
continuing listing requirements on a going-forward basis. The
Company intends to remain a reporting company with the U.S.
Securities and Exchange Commission (the �SEC�), and the Company is
undertaking efforts to have its common stock and warrants traded on
the OTC Bulletin Board. There can be no assurance that the Company
will be successful in either of these undertakings. At the
appropriate time, the Company will file a Form 25 with the SEC. The
exact date on which the Company�s securities will cease to be
listed for trading on the AMEX is not certain at the present time.
JK Acquisition Corp (AMEX:JKA)
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