Today, DMY Technology Group (NYSE:DMYI) is one of the big movers. Currently, DMYI stock is up more than 5% at the time of writing on very heavy volume.
As a special purpose acquisition company (SPAC), DMYI stock has only recently seen an impressive spike. This past Friday, shares moved from the $10 level to close the day at $11.30, an impressive gain. Today’s price action took DMYI stock to nearly $13 per share before settling down around the $12 level at the time of writing.
These moves came as speculation surrounded the SPAC merger target of DMY Technology. This merger target has been identified as IonQ, a quantum computing leader. Obviously, given the interest investors have in the quantum computing space, the recent price action with DMYI stock is understandable.
That said, let’s dive into a few things investors may want to know about this upcoming merger.
DMYI Stock Surging on Upcoming Shareholder Vote
In a recent announcement, DMY Technology noted it expects the company’s upcoming merger with IonQ to be approved at a shareholder meeting tomorrow, Sept. 28. The speed at which DMY is moving is impressive, and investors seem to like the acquisition target in this case.
Additionally, the company noted that shares of IonQ are expected to trade freely this Friday, Oct. 1. These shares will trade on the NYSE under the ticker “IONQ.”
The total proceeds IonQ is expected to raise as a result of its merger is in excess of $600 million, a sizable chunk of change. Given the growth potential of the cloud computing space, investors appear to be bullish on the ability of IonQ to utilize this capital well. Accordingly, this SPAC merger is getting a lot of attention from investors right now. Those looking to get ahead of the planned combination this week are gobbling up shares of DMYI stock as we speak.
Of course, like what we’ve seen with other recent SPAC mergers, this deal isn’t without risk. However, this is some of the most bullish price action we’ve seen for a while in the SPAC world. Accordingly, some investors appear content to take a flyer on this SPAC play right now.
On the date of publication, Chris MacDonald 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.