Plutonian Acquisition (NASDAQ:PLTN) stock is rising higher on Wednesday after the special purpose acquisition company (SPAC) announced results from a shareholder meeting.
Plutonian Acquisition’s special shareholder meeting saw investors vote on several matters related to the company’s SPAC merger with Big Tree Cloud Holdings Limited. That saw them approve plans to combine with subsidiary Big Tree Cloud Merger Sub II Inc.
Plutonian Acquisition reports that its investors voted in favor of all of the proposed plans to combine with Big Tree Cloud Holdings Limited. That clears the way for the company to act as a vehicle to take Big Tree Cloud Holdings Limited public.
To go along with this, the company notes that 3,223,953 shares of PLTN stock were tendered for redemption. That will see it pay these investors $35.4 million from its trust account. After this, it will have 1,776,814 shares outstanding and $172,348 in its trust account.
How This Affects PLTN Stock
Today’s news brings with it heavy trading of PLTN stock. That has more than 526,000 shares changing hands this morning. This is well above its daily average trading volume of about 15,000 shares.
PLTN stock is up 27.3% as of Wednesday morning.
Investors will find more of the most recent stock market stories ready to go below!
We have all of the hottest stock market news worth reading about on Wednesday! Among that is what has shares of IM Cannabis (NASDAQ:IMCC) stock up, the biggest pre-market stock movers this morning and more. All of this info is available at the following links!
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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.
