AGC Actions Squeeze Fans Rise Before Grab SPAC Merger
Today, one of the big rumors in the world of SPAC (Special Purpose Acquisition Company) involves personalities Altimeter growth (NASDAQ:CAG). Currently, AGC stock is up more than 20% on more than 10 times the average daily stock volume.
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Indeed, Altimeter Growth is a SPAC that has recently received a lot of attention. Since early October, AGC shares have gone from around $ 10 per share to $ 16.64 today. Of course, AGC stock has sold somewhat from today’s highs. However, this is a business that many aggressive investors refer to as a potential squeeze game.
Why?
Well, there’s all this excitement that still permeates the PSPC world since the initial public offering (IPO) of the Truth Social platform with Digital acquisitions (NASDAQ:DWAC). PSPC’s ties to former President Donald Trump have certainly caused quite a stir. This sentiment, combined with an attitude of risk in the markets lately, has led many investors to seek PSPCs again.
As a result, it may not be surprising to see AGC stock soar today, given a company-specific catalyst that investors are watching. Let’s take a look at what is driving this PSPC’s shares today.
AGC Stock soars on rumors of approval of PSPC merger
Given the interest of retail investors in the PSPC world, investors tend to take to social media to see where the sentiment gauge is pointing. Today, this sentiment gauge appears to be trending only in a bullish direction.
Much of the Twitter comment appears to surround the possibility of an approval being announced for the pending merger of Altimeter SPAC with Grab. As many investors already know, this the merger has been delayed. This summer, a Securities and Exchange Commission (SEC) investigation into a financial audit of Grab’s statements over the past three years was the reason for the delay.
With few meaningful updates on this front, investors have been left to speculate. And speculate that they have.
Currently, AGC stocks are valuing some sort of short-term news. Whether or not the market succeeds remains to be seen. However, there is usually something to the power of the markets. Maybe the masses know something that we don’t know.
That said, the price discovery process can be volatile. This will double for PSPCs. As a result, bullish investors in AGC stocks should also be cautious with this more speculative name at this time.
As of the publication date, Chris MacDonald does not have (directly or indirectly) any position in any of the stocks mentioned in this article. The opinions expressed in this article are those of the author, submitted to InvestorPlace.com Publication guidelines.