|One of the companies he merged with in March is SurgiLight Inc., a Winter Park, Fla., operator of laser-eye centers. He retained more than 372,500 shares of its stock, which was listed for trading on the over-the-counter bulletin board yesterday.|
"I’ve been very busy," he says. "It’s exciting. Every deal is different."
Blank-check companies have had a checkered past. Most states outlaw them. In 1992, the SEC tightened regulations on them because many were being used for fraudulent purposes. The SEC and several states required blank-check concerns to place proceeds from a public offering into an escrow account and then, when merging with a going concern, to disclose information on the deal and give stockholders the opportunity to have their funds returned.
For his part, Mr. Tsai says he has run into some "not very reputable" people as he has sought to find partners for his blank-check companies