【按】此案例原先是SPAC 公司“Spring Creek Acquisition” 与中国公司并购成功的延续。 SPAC公司上市时， 一般会在 Common Stock之外， 再加一个或两个权证 （warrant)，合起来， 称为一个 unit. 在上市后， 一般会分开交易， 所以， warrant也会有市场价格。 一般招股书上会规定，权证拥有者， 可以一定的价格认购common stock。 在眼前这个例子， 拥有权证的就相当地赚钱， 以$5 美元的价格， 可以买到市值二十几美元的股票。 一转手， 不就赚了？不过， 你买了马上放， 会有capital gain tax.
所以， warrant 是一把双刃剑， 可以用它来融资， 但也会让股权稀释。 特别是公司的股票市值很高的时候， 你会不愿意看到人家拿这么点小钱来认购你的股票。 Well， there is no free lunch in this world, right? You cannot eat the pie and still have it.
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NEW YORK (AP) -- AutoChina International said it raised about $20.4 million Friday after it closed out on a warrants redemption, money that the company said will be used to expand.
The Chinese commercial vehicle sales and leasing company said it had about 4.2 million outstanding warrants before the redemption. Each warrant allowed the holder to buy one ordinary AutoChina share at an exercise price of $5 per share.
Before the Jan. 8 redemption date, approximately 4.1 million warrants were exercised, about 97.8 percent of all warrants available for redemption. The remaining warrants were also redeemed.
AutoChina had about 15.1 million shares outstanding as of Thursday. The company also said its publicly traded warrants and units will no longer be traded.
Shares of AutoChina International Ltd. shed 31 cents, or 1.1 percent, to $27.49 Friday.
