Pacifico (NASDAQ:PAFO) stock is taking off on Thursday following an update on its special purpose acquisition company (SPAC) merger with Caravelle.
The big news traders need to know about today is investors in PAFO stock voting in favor of the SPAC merger with Caravelle. That vote took place during a special shareholder meeting yesterday; 6.19 million shares voted, which represents 82.65% of outstanding shares. Specifically, around 6.1 million voted in favor of the various merger requirements.
The goal of the SPAC merger is to take Caravelle public. This will see the company replace Pacifico and value it at $527 million. When that happens, a new ticker representing Caravelle stock will replace PAFO on the Nasdaq.
What Is Caravelle?
Caravelle is an ocean shipping technology company. One of its main focuses is reducing carbon emissions from shipping. It does so by “the repurposing of engine heat and biproducts” as it moves toward carbon-neutral shipping.
News that the SPAC merger between Pacifico and Caravelle is progressing has PAFO stock seeing heavy trading today. As of this writing, almost 1 million shares have changed hands. For the record, the company’s daily average trading volume is about 18,000 shares.
PAFO stock is up 20.9% as of Thursday morning but still down 33.3% since the start of the year.
Investors looking for more of the most recent stock market news will want to keep reading!
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On the date of publication, William White did not hold (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.