Why Is Rosecliff Acquisition (RCLF) Stock Down 17% Today?


  • Rosecliff Acquisition (RCLF) stock is sliding lower on Friday.
  • That follows an update on its planned special purpose acquisition company (SPAC) merger.
  • The merger is set to go into effect on Sept. 11.
RCLF Stock - Why Is Rosecliff Acquisition (RCLF) Stock Down 17% Today?

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Rosecliff Acquisition (NASDAQ:RCLF) stock is falling on Friday after the company provided investors with an update to its special purpose acquisition company (SPAC) merger plan with Spectral MD.

The biggest news concerning Rosecliff Acquisition is the results from a special meeting of shareholders. These results saw investors in the company vote in favor of the SPAC merger, which is set to take place on or before Sept. 11.

Another bit of news worth noting is an amended rights lock-up agreement. Shareholders voted at the meeting to alter the terms of the lock-up period to include all lock-up shares. This also provides updates for when the lock-up period comes to an end.

How This News Affcets RCLF Stock on Friday

Following the news from the shareholder meeting, shares of RCLF stock are seeing some 26,000 shares change hands. Investors will note that this is still below the company’s daily average trading volume of about 98,000 shares.

It’s also worth mentioning that RCLF stock underwent a major rally on Thursday. That saw the stock climb nearly 40% during normal trading hours. This came alongside more than 4.2 million shares of the stock changing hands.

RCLF stock is down 16.8% as of Friday morning and was up 43.6% year-to-date (YTD) when markets closed on Thursday.

There are even more of the most recent stock market stories worth reading about today below!

Our coverage of the stock market includes all of the biggest stock market news for Friday! That includes everything happening with shares of Grom Social Enterprises (NASDAQ:GROM), AGBA Group (NASDAQ:AGBA) stock and Impel Pharmaceuticals (NASDAQ:IMPL) stock today. All of that news is ready to go at the following links!

More Stock Market News for Friday

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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.

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