SPACs Restart with Crumbs

Yes the first recent SPAC deal lets us do a little play on words as Crumbs Inc. (CRMB:OB) completed its merger with SPAC 57th Street General Acquisition Corp. recently. But Crumbs is no small thing.  According to the Registered Offerings Report, the stock has gone up 11% since the merger in early May. With 35 stores ...

Follow Me on Twitter! Join Me in LA!

Been tweeting for awhile, but I realized I never let you guys know! Go to www.twitter.com/DavidNFeldman for my scintillating specks of wisdom and pith. Or just click on the little blue button we added on the top right of the blog home page. I’ve been more and more interested in Twitter lately, it’s been fun to ...

Deloitte and Goldman Join in China Challenges 1

The New York Times reported today that the SEC is investigating Longtop Financial Technologies, a Chinese software company that was taken public in 2007 by Goldman Sachs, with Deloitte & Touche as their auditors. Deloitte immediately resigned and Longtop’s trading has been halted. Of course we never know how these things end and no charges ...

“Idol” Producer CKX Sold for Over $500MM!

Robert Sillerman is quite the visionary indeed. After selling one of the biggest US concert promotion companies for billions and waiting out his non-compete, he decided to get back in business by buying a shell then buying some companies using the shell. He bought a shell and then used it to buy the rights to Muhammad ...

Strong First Quarter For Reverse Mergers

Despite, as The Reverse Merger Report put it, “continued attacks from short sellers, mounting fraud allegations, and numerous ongoing investigations of Chinese companies by the Securities and Exchange Commission,” we completed the first quarter of 2011 strong in terms of number of reverse merger deals done. The RMR reports that 58 reverse mergers were consummated ...

New BX Venture Market – Listing Standards

As a follow up to my previous post, here is more info on Nasdaq’s new BX Venture Market – meant to fill the gap between the OTC Bulletin Board and Nasdaq/NYSE Amex. Requirements to list on the BXV, among others, would include 1) full reporting company current in filings, 2) independent audit committee, 3) independent directors ...

More Nasdaq News: New BX Venture Market Approved

Well, OK. We’ve just learned that last Friday the SEC approved the Nasdaq’s request to establish a new lower level stock exchange, to be dubbed the BX Venture Market. The Nasdaq’s original proposal was back in September 2010. I am not an expert on the operation of stock markets, but as I understand it, Nasdaq ...

Humble Thoughts on Nasdaq Seasoning Proposal

 At thesaurus.com, words like “color” and “enliven” are synonyms to the word “seasoning.” Unfortunately I don’t believe Nasdaq’s extreme overreaction to a real, but relatively controlled issue, does either to the world of reverse mergers or the markets in general. Please see prior posts for a description of their proposal to require post-reverse merged companies ...

SEC Study Recommends Not Expanding Sarbanes 404(b) Exemption 1

On April 22, the SEC released a study mandated by the Dodd-Frank Act of 2010 to examine whether to exempt additional companies from the burdensome auditor attestation of internal financial controls of public companies. Dodd-Frank created a permanent exemption from these requirements, in Section 404(b) of the Sarbanes-Oxley Act of 2002, for companies with market ...

“Justice Has Been Done”

My thoughts go to the families of victims of the horrific attacks of September 11 today as we hear of the killing of al Qaeda leader Osama Bin Laden.  I agree with the President, whose quote from last night is above. No one likes killing, and the hope is that this heroic act of Navy ...