Santa Monica Media Corp. said its shareholders have voted to end its status as a special purpose acquisition company and distribute among the shareholders the assets of an April 2007 initial public offering.

At a special meeting last week, shareholders representing nearly 91 percent of outstanding shares also voted to keep the company in existence to acquire media companies, but without the restrictions that SPACs are under, which include deadlines by which the IPO proceeds must be used.

The liquidation value of the trust holding the IPO proceeds is more than $100 million, the company said, so shareholders would receive about $8.06 per share from the distribution if the entire trust were liquidated.

Santa Monica Media was founded two years prior to its IPO as a public shell company to acquire businesses in communications, media, gaming or entertainment.

The company did not say how much money would remain after the liquidation or whether it would have access to credit or debt to make acquisitions. A company official could not be reached for comment.