Innovative International (NASDAQ:IOAC) stock is on the rise Friday after the company announced results from a general shareholder meeting.
Innovative International held this extraordinary meeting to have shareholders vote on a few matters. That includes a new amendment extending how long the company has to complete an initial business combination. It also had shareholders vote on a Trust Agreement Amendment to go along with this.
Innovative International notes that shareholders approved both of the amendments that were presented in the shareholder meeting. As a result, it didn’t move forward with a vote to adjourn the meeting until a later date.
Investors were largely in favor of the proposals at the meeting. That saw 10.84 million votes for and 9,297 votes against the extension amendment. The votes were similar for the trust amendment, with 10.84 million voting for and 9,298 voting against.
What This Means for IOAC Stock
With this news, Innovative International now has more time to complete its goal as a special purpose acquisition company (SPAC). It’s seeking to take a private company public through a SPAC merger.
We’re also seeing heavy trading of IOAC stock today with some 60,000 shares changing hands. For comparison, the company’s daily average trading volume is about 5,500 shares.
IOAC stock is up 8.6% as of Friday morning.
Investors can find more of the most recent stock market news ready to go down below!
We’re covering all of the latest stock market news traders need to know about on Friday. Among that is what has shares of Altamira Therapeutics (NASDAQ:CYTO) stock up, the biggest pre-market stock movers this morning and more. You can find more on these matters at the following links!
More Stock Market News for Friday
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- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Friday
- NKLA Stock: Nikola Plans to Bleed Out $61.8 Million on EV Recalls
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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.
