BRIEF: Acquisition firm launched by Hicks may have to dissolve by September

Wed. May 13, 2009; Posted: 01:42 AM

May 13, 2009 (Fort Worth Star-Telegram - McClatchy-Tribune Information Services via COMTEX) -- TOH | Quote | Chart | News | PowerRating -- Hicks Acquisition Co. I, a firm launched in 2007 by Dallas financier Tom Hicks, may have to dissolve by September if it does not complete any purchases, according to a filing made Tuesday.

The firm, whose shares (ticker: TOH | Quote | Chart | News | PowerRating) trade on NYSE Amex, raised $552 million with an initial public offering. It previously had announced that it would buy Graham Packaging but has not completed the deal.

The filing said the firm has until Sept. 28 to close the acquisition.

Hicks Acquisition is a special purpose acquisition company, or SPAC. SPACs are created to raise money to buy other businesses.

If a SPAC does not consummate any deals within a specified time, the firm is dissolved and the money is returned to shareholders, according to securities rules.

Hicks Acquisition Co. I sold 55.2 million shares at $10 a share in its initial public offering. Its shares closed Tuesday at $9.54.

In the Tuesday filing, the firm also said it was not in compliance with the annual stockholder meeting requirements of NYSE Amex because it did not hold an annual meeting last year.

The exchange has given the firm until Aug. 11 to become compliant with the listing requirements.

ANDREA AHLES, 817-390-7631

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