By: E&P Staff
Public newspapers companies are getting hammered but that hasn’t stopped the acquisitive Courtside Acquisition Corp. from staying the course.
Formed as a special purpose acquisition company for the purchase of American Community Newspapers LLC, shareholders of Courtside Acquisition officially approved the transaction on June 28 during a special meeting.
The company is taking the name of American Community Newspapers Inc. (ACN) and will continue to trade on the American Stock Exchange under the ticker symbol “CRB.”
“Our new status as a public company provides us with access to the capital markets and additional resources to continue to execute our growth plan,” Gene Carr, chairman and CEO of ACN, said in a statement.
ACN publishes three daily and 83 weekly newspapers in Minneapolis/St. Paul, Dallas, Northern Virginia, including Washington D.C., and Columbus, Ohio.
“Moving forward as a public company, we will continue to execute a multifaceted growth strategy,” said Carr, adding that includes strategic and cluster acquisitions.
Shares of ACN were trading up 5 cents to $5.30 midday.