Borqs Technologies, Inc. - War (OTC:BRQSW)

BRQS ($4.87), a global leader in software and products for IoT providing customizable, differentiated and scalable Android-based smart connected devices and cloud service solutions, announced it received a delist notice from the NASDAQ based upon the Company's non-compliance with the minimum round lot shareholder requirements.  The Company intends to timely request a hearing before the Panel, and that request will stay any delisting action by Nasdaq at least pending the issuance of the Panel's decision following the hearing and the expiration of any extension of time granted to the Company by the Panel.

We are obviously disappointed that our BRQSW thesis has not played out yet.

PAAC, $PAACW ($0.25) filed its 10K.  We found this verbiage that confirms our recent note regarding the backstop agreement:

“As consideration for the Backstop, the sponsor will be entitled to receive the Backstop Guarantee Shares subject to the terms and conditions of the Merger Agreement, as amended. In connection with the Backstop and Subscription Agreement, at the Closing, Pacific and the sponsor will enter into a registration rights agreement, in a form to be agreed upon, with respect to the shares purchased in connection with the Backstop and Subscription Agreement and any Backstop Guarantee Shares released from escrow to and retained by the sponsor. We believe that the aggregate funds left in the trust account and private placement after the redemption of 3,841,131 of our public shares and the Closing Proceeds pursuant to the Backstop and any Commitment Investment will aggregate $24.0 million.”

PAACW ($0.55) - Friday after the close, PAAC, filed a preliminary proxy with the SEC announcing that the Company will hold a special meeting of shareholders to vote on the proposed business combination with Borqs International on August 10, 2017 at 10:00 a.m. EST. On April 17, 2017 we stated we initiated a highly speculative long trade in PAACW, betting on the consummation of a business merger. See our full research article on PAACW and why we feel the warrants have multibagger potential.