"Bringing balance and choice
back to the auto auction industry."
"Bringing balance and choice
back to the auto auction industry."
To directly access on the Internet any of the Company’s SEC reports shown below, please click on the appropriate link:
These and other reports can be viewed directly on the SEC's web site at (www.sec.gov) - Select "Company Filers" and then search by company name for "Acacia Automotive".
When the company was originally operated as a national construction company under the name "Gibbs Construction, Inc." in the 1980's and 1990's, it was listed and traded on the NASDAQ as GBSE. Following its demise and filing for bankruptcy protection in 2000, many years prior to change of control to Acacia's management, the company was delisted from the NASDAQ. It fell to the Over-The-Counter Bulletin Board (OTC:BB), and ultimately to the Pink Sheets exchange. When Acacia's management acquired control of the company in August of 2006, a long journey began in bringing the corporate shell back into compliance with the Securities and Exchange Commission and other bodies. In January of 2007 the SEC completed its review of the company's filings (which included three years of back reports with audited financials and more), and Acacia Automotive was born. If the Company is successful in implementing its plan and strategy of acquiring auto auctions, it intends to seek re-listing on the NASDAQ exchange.
The Company held its first Special Meeting of Shareholders February 1, 2007, to approve a recapitalization of the Company and other issues. That recapitalization included a one-for-eight reverse split of the company's stock, placing of certain restrictions on trading of certain other shares held by affiliates of the Company and others with newly-issued shares from the company's private placement stock offerings and otherwise. As a result, there are a total of 12,062,524 shares of Common stock issued and outstanding as of December 31, 2008, but only 382,524 shares of free-trading, registered shares in the entire world as of that date, the rest being "restricted" shares. These 382,524 shares constitute the "float" for Acacia Common stock. Until other shares mature and are made available for sale under Rule 144, registered by the company, and/or made available through a public offering of the Company's stock, the number of shares in the "float" will remain very small, and an active trading market is not likely to develop. This accounts for the small average number of shares traded on a daily or weekly basis, and will continue until the size of the "float" is increased and other factors favor such an increase.
As a result of Gibbs' original construction company bankruptcy in 2000, more than six years prior to its emergence from the courts and the current management's acquisition of effective control of the corporation in late 2006, the Company was delinquent with the filing of its reports with the Securities and Exchange Commission during those periods. Gibbs did not file reports with the Commission as required during the period of 2000 through 2006 (while in bankruptcy), and for each of the fiscal years ended December 31, 2003, 2004, and 2005, the Company had no operations, income, expenses, assets or liabilities or other activity. Accordingly, the Acacia's new management submitted Annual Reports (10-KSB) with audited financials for the fiscal years ended 2003, 2004, and 2005; Quarterly Reports (10-QSB) for Q1, Q2, and Q3 of 2006; an Information Statement (8-K); and Proxy Statement (DEF 14A) in order to become current in its filings with the Commission. The Company filed all these reports in December of 2006, and subsequently filed its Annual Reports (10-KSB) for 2006 and 2007 as due.
The Company's plan for reorganization and recapitalization required ratification by its shareholders in a Special Meeting. Any Proxy Statement relating to any such meeting was subject to the review of the SEC which, as part of that review of our Preliminary Proxy Statement, required that we be current in all our filings with the Commission. As indicated above, that was accomplished in December of 2006. The Commission subsequently completed its review of the Company's filings, and the Company filed its Definitive Proxy Statement setting February 1, 2007, as the date for that Special Shareholders Meeting. That meeting was held as planned in Dallas, Texas, and all proposals were ratified by majority shareholder vote, giving change to the Company's name (from Gibbs Construction to Acacia Automotive) and capital structure.
Effective February 20, 2007, the Company's stock trading symbol changed from the old Gibbs Construction symbol (GBSE) to a new Acacia Automotive symbol (ACCA). As a result of the original predecessor company's years of failure to report on a timely basis and its failure to continue operations, it fell from trading on the NASDAQ to the OTC:BB, and ultimately to the Pink Sheets market. The Company anticipates returning to the NASDAQ after completing certain anticipated auction acquisitions and meeting the criteria for re-listing.
Additional information is available by reviewing the Company's SEC filings through the Internet links shown above, by contacting Investor.Relations@acacia.bz , or by writing to the Company at:
Investor Relations
Acacia Automotive, Inc.
3512 East Silver Springs Boulevard - #243
Ocala, FL 34470
(352) 502-4333