Prime Acquisition Corp. Announces Final
Results of Tender Offer
Shijiazhuang, China – March 28, 2013
– Prime Acquisition Corp. (“Prime” or the “Company”) (NASDAQ: Ordinary Shares: “PACQ”,
Units: “PACQU”, Warrants: “PACQW”), a special purpose acquisition company, today announced the expiration
and final results of the Company’s tender offer to purchase all of its outstanding ordinary shares at a price of $10.02 per
share, net to the seller in cash, without interest. The tender offer expired at 5 p.m., New York City time, on Wednesday, March
28, 2013, with 3,009,255 shares tendered.
Based upon information provided by the
depositary for the tender offer, American Stock Transfer & Trust Company, as of the expiration of the tender offer, a total
of 3,009,255 shares have been validly tendered and not withdrawn for a total cost of approximately $30,152,735.10. The ordinary
shares accepted for purchase represent approximately 82.4% of the Company's issued and outstanding shares as of March 28, 2013.
Payment for the shares accepted for purchase will be made promptly.
Advantage Proxy is acting as the information
agent, and the depositary is American Stock Transfer & Trust Company. For questions and information, call the information agent
toll free at (877) 870-8565.
This announcement does not constitute an
offer to purchase nor a solicitation of an offer to sell ordinary shares of the Company.
About Prime Acquisition Corp.
Acquisition Corp., a Cayman Islands corporation, is a special purpose acquisition company formed for the purpose of acquiring an
operating business. Prime consummated its initial public offering on March 30, 2011, and generated aggregate gross proceeds of
$36 million. Each unit issued in the IPO consists of one ordinary
share, par value $0.001 per share, and one redeemable warrant. Each redeemable warrant entitles the holder to purchase one ordinary
share at a price of $7.50. On May 25, 2011, the ordinary shares and warrants underlying the units sold in the IPO began to trade
separately on a voluntary basis.
Forward Looking Statements
This press release may contain forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Prime Acquisition Corp., bhn S.r.l.,
and their combined business after completion of the proposed transaction. Forward-looking statements are statements that are not
historical facts. Such forward-looking statements, based upon the current beliefs and expectations of Prime’s and bhn’s
managements, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements.
The following factors, among others, could cause actual results to meaningfully differ from those set forth in the forward-looking