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BUSINESS
Energy Services acquisitions approved
HUNTINGTON -- Energy Services Acquisition Corp. reported Friday that stockholders at their annual meeting approved ESAC's acquisitions of C.J. Hughes Construction Company and ST Pipeline.
Holders of 76.2 percent of ESAC's votes cast, voted in favor of each of the acquisitions, according to a news release.
ESAC stockholders also approved a measure to change ESAC's name to "Energy Services of America Corporation." Also adopted was a measure eliminating special voting requirements relative to ESAC's status as a special purpose acquisition corporation.
The news release also reported that approximately 1,622,600 shares issued in ESAC's initial public offering were cast in opposition to the acquisitions and "elected to be converted into a pro rata portion of the proceeds from ESAC's initial public offering held in trust," representing less than 20 percent of the shares issued in the ESAC initial public offering.
