Fortissimo Acquisition Corp. Announces Results of Stockholder Vote On Proposed Business Combination and Sets Liquidating Distribution Record Date
NEW YORK, Oct 7, 2008 (GlobeNewswire via COMTEX) -- Fortissimo Acquisition Corp. ("the Company") (OTCBB:FSMO), (OTCBB:FSMOU), (OTCBB:FSMOW) today held its Annual Meeting of Stockholders to vote on the proposed acquisition of Psyop, Inc. by the Company as well as various other matters. The Company filed its definitive Proxy Statement regarding the proposed acquisition with the Securities and Exchange Commission (the "SEC") on August 12, 2008, as modified by a Proxy Statement Supplement which was filed with the SEC on September 11, 2008.
At today's Annual Meeting of Stockholders, the proposal to acquire Psyop was not approved by the Company's stockholders. Pursuant to its charter and the terms of its initial public offering, the Company is required to liquidate and dissolve if it has not consummated a business combination by October 11, 2008. Promptly after that date, the Company will begin the process of liquidating and dissolving itself in accordance with its charter and applicable Delaware law.
As a result, the Company expects that the amounts held in its trust account, together with interest, will be distributed to the public holders of the Company's common stock as of the liquidating distribution record date, which will be the close of trading on Friday, October 10, 2008. As of October 6, 2008, there was approximately $28.0 million held in trust, which amounts to approximately $6.18 per share of common stock held by the Company's public stockholders. No payments will be made in respect of the Company's outstanding warrants or to any of its initial stockholders with respect to the shares owned by them prior to the initial public offering.
About Fortissimo Acquisition Corp.
Fortissimo Acquisition Corp. was formed on December 27, 2005 to serve as a vehicle to effect a merger, capital stock exchange, asset acquisition or other similar business combination with an operating business that has operations or facilities located in Israel, or that is a company operating outside of Israel which management believes would benefit from establishing operations or facilities in Israel. Fortissimo consummated its initial public offering in October 2006.