Blue Water Acquisition (NASDAQ:BLUW) stock is heading higher on Thursday ahead of the special purpose acquisition company’s (SPAC) upcoming shareholder meeting.
Here’s everything traders need to know about that and why shares of BLUW stock are rising higher today.
- First off, note that Blue Water Acquisition is planning to go through a SPAC merger to take Clarus Therapeutics public.
- The special shareholder meeting to vote on this combination takes place tomorrow at 10:00 a.m. Eastern Time.
- Anticipation for this meeting is one of the reasons that BLUW stock is on the move today.
- However, there are other reasons that investors are taking note of the company.
- That includes rumors that there may be quite a few redemptions revealed in the meeting.
- That could cut the float of the company.
- This is drawing in investors that want to short squeeze the stock.
- We’re already seeing the results of these rumors with investors piling into BLUW stock this morning.
- As a result shares of the stock are experiencing heavy trading today.
- That’s resulted in more than 8.7 million shares of the stock changing hands as of this writing.
- That’s a massive surge compared to the company’s daily average trading volume of only about 20,000 shares.
BLUW stock is up 3.2% as of Thursday morning but was sitting close to 187% higher earlier this morning.
We’ve got more recent stock market news for traders to check out below!
There’s quite a few stories investors will want to know about today. That includes Lordstown Motors (NASDAQ:RIDE) stock heading higher, Zomedica (NYSEAMERICAN:ZOM) shares rising, and what else to expect from the market today. You can get up to speed on these matters at the following links!
More Thursday Stock Market News
- RIDE Stock: What Has Lordstown Motors Racing Higher Today?
- ZOM Stock: What Investors Are Saying About Meme Stock Favorite Zomedica as Shares Fly
- What Will the Stock Market Do Today, Aug. 26? 3 Big Stories to Watch.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.