SPAC/Blank Check IPO Filing: GF Acquisition Corp. (GFX)

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Last night, we saw another SPAC IPO filing with the SEC.  GF ACQUISITION CORP. filed as a Specialty Purpose Acquisition Company to come public via a sale of 8 million units at $10.00 per unit in an $80 million filing,

Pali Capital and Morgan Joseph are the underwriters and the total came to 9.2 million units or $92 million if the overallotment is exercised.  Each unit consists of one share of common stock along with one warrant with a $7.50 strike price.

GF Acquisition Corp. is a newly formed blank check company that has not identified any target companies nor is it limited to any specific sector.  This will trade under the proposed ticker of "GFX" on the American Stock Exchange.  While we have this listed as a SPAC, it is more accurately a real BLANK CHECK company since it has no earmarked targets.

This is not management’s first pony ride in the world of SPAC’s.  Ronald Valenta, John Johnson and certain initial stockholders were responsible for organizing General Finance Corporation, another blank check company which completed an initial public offering in September 2006 and raised gross proceeds of $69 million. In September 2007 General Finance paid approximately $64 million to complete the acquisition of RWA Holdings Pty Limited and its subsidiaries, or Royal Wolf.

Two of the company’s initial stockholders and members of the board of directors currently serve as executive officers of General Finance.  Ronald Valenta is a member of its Board of Directors and is the President and Chief Executive Officer of General Finance, and John Johnson is the Chief Operating Officer of General Finance.

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Jon C. Ogg
April 22, 2008

Jon Ogg is a producer of and editor for both the Special Situations newsletter and the "10 Stocks Under $10" weekly newsletter for 247WallSt.com; he can be reached at jonogg@247wallst.com and he does not own securities in the companies he covers.