Business News • MarketWire • FlatWorld Acquisition Corp. Terminates Tender Offer |
FlatWorld Acquisition Corp. Terminates Tender Offer |
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FlatWorld Acquisition Corp. Terminates Tender Offer
NEW YORK, NY--(Marketwire - Sep 6, 2012) - FlatWorld Acquisition Corp. (the "Company" or "FlatWorld") (OTCQB: FWLAF) today announced today that it is terminating, effective immediately, its previously announced tender offer, as amended, (the "Tender Offer") to purchase for cash up to 825,000 of its ordinary shares, no par value ("Ordinary Shares"), at a price of $10.18 per share, net to the seller in cash, without interest. FlatWorld terminated the Offer because of insufficient time to satisfy the terms and conditions of each of its offer to purchase, as amended and supplemented, and agreement and plan of reorganization with Orchid Island Capital, Inc. ("Orchid Island"). FlatWorld intends to terminate the Agreement and Plan of Reorganization and will not consummate the merger of Orchid Island with and into its subsidiary, FTWA Orchid Merger Sub LLC, and will, beginning on the first business day following September 9, 2012: (i) commence the process to distribute the trust account, pro rata, less taxes and interest earned on the proceeds of its initial public offering placed in the trust account, to its public shareholders by way of redemption and (ii) cease all operations except for the purposes of any winding up of its affairs.
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