LAMF Global Ventures (NASDAQ:LGVC) stock is on the rise Wednesday after the special purpose acquisition company (SPAC) got shareholder approval for a merger with limited liability company Nuvo.
The shareholder vote was held during an Extraordinary General Meeting on Monday. That saw 93.4% of LGVC stock vote in favor of the business combination with Nuvo. Shareholders also voted in favor of the company’s merger plans at that same time.
As part of this, holders of 2,913,194 shares of LGVC stock exercised their right to redeem those shares for $11.03 each. This leaves the company’s trust account with roughly $434,982 in cash.
What This Means for LGVC Stock
LAMF Global Ventures is working alongside Nuvo to enact this business combination as soon as possible. When that happens shares of LGVC stock will switch from its current ticker to the NUVO ticker. Nuvo’s warrants will also trade under the NUVOW stock ticker.
With today’s news comes heavy trading of LGVC stock. That has more than 712,000 shares changing hands as of this writing. To put that in perspective, the company’s daily average trading volume is closer to 31,000 shares.
LGVC stock is up 99.6% as of Wednesday morning.
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On the date of publication, William White 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.
