Spectaire (NASDAQ:SPEC) stock is taking off on Friday after the mass spectrometry company announced new agreements this morning!
First up is the company’s letter agreement with Skadden, Arps, Slate, Meagher & Flom LLP. This will have it defer legal fees incurred by Spectaire by $6.2 million. This drops the fee to $2.74 million. That includes $2.37 million in cash and $370,000 in stock.
Spectaire also reached a settlement agreement with Jefferies LLC. This will have it pay $1.5 million in cash to the company when it receives a financing agreement with gross proceeds of at least $15 million. It is also issuing warrants for 1 million shares of SPEC stock with an exercise price of $11.50 per share.
Finally, Spectaire entered into an asset purchase agreement with Corsario. This will see it exchange 1.5 million shares of SPEC stock for software and other assets. This has the value of the deal at $600,000. It will benefit Spectaire’s primary auditable emission transactions business.
SPEC Stock Movement Today
With all of this news comes heavy trading of SPEC stock. As of this writing, more than 16 million shares have changed hands, well above the company’s daily average trading volume of about 2 million shares.
SPEC stock is up 104.7% as of Friday morning.
Investors will want to keep reading for more of the most recent stock market stories!
We have all of the hottest stock market news available on Friday! That includes the biggest pre-market stock movers this morning and more of the latest market happenings. You can catch up on all of that at the links below!
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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.
