Chenghe Acquisition (NASDAQ:CHEA) stock is on the rise Monday after revealing results from a recent shareholder meeting concerning its special purpose acquisition company (SPAC) merger plans.
The big news here is investors approving the company’s merger plan with Semilux International, Semilux Ltd and Taiwan Color Optics. This merger would see the four companies combine and the merged company would operate under the Semilux Ltd name. This would make it a wholly owned subsidiary of Semilux Ltd parent CayCo.
The shareholder meeting also saw investors vote in favor of the merger after approving the plan. To along with that, they also supported a share capital amendment proposal and the suggested name change in the merger plan.
CHEA Stock Movement on Monday
With news of the approved business combination between these companies comes heavy trading of CHEA stock. This has more than 1 million shares on the move as of Monday morning. To put that in perspective, Chenghe Acquisition’s daily average trading volume is well below that at roughly 98,000 shares.
CHEA stock is up 89.5% as of pre-market trading on Monday morning after experiencing a 50.4% fall during normal trading hours on Friday.
Investors who are searching for more of the most recent stock market stories are in luck!
We have all of the hottest stock market news that investors need to know about on Monday! Among that is what’s going on with shares of Yield10 Bioscience (NASDAQ:YTEN) stock, the biggest pre-market stock movers this morning and more. All of that news is ready to go at the following links!
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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.
