Short Interest in IG Acquisition Corp. (NASDAQ:IGACR) Increases By 16,928.4%

IG Acquisition Corp. (NASDAQ:IGACR) was the target of a large growth in short interest in the month of August. As of August 14th, there was short interest totaling 14,985 shares, a growth of 16,928.4% from the July 30th total of 88 shares. Based on an average daily volume of 3,322 shares, the days-to-cover ratio is presently 4.5 days.

IG Acquisition Trading Down 5.8%

Shares of NASDAQ IGACR opened at $0.15 on Wednesday. IG Acquisition has a 1-year low of $0.13 and a 1-year high of $0.21. The stock has a fifty day moving average of $0.17.

Institutional Trading of IG Acquisition

Several hedge funds have recently bought and sold shares of the company. Adage Capital Partners GP L.L.C. acquired a new position in IG Acquisition during the 4th quarter valued at about $256,000. Radcliffe Capital Management L.P. acquired a new position in shares of IG Acquisition during the fourth quarter worth approximately $102,000. Rivernorth Capital Management LLC bought a new position in IG Acquisition in the 1st quarter worth approximately $97,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in IG Acquisition in the 1st quarter valued at approximately $95,000. Finally, First Trust Capital Management L.P. acquired a new stake in IG Acquisition in the 4th quarter valued at approximately $95,000.

IG Acquisition (NASDAQ: IGACR) is a special purpose acquisition company (SPAC), commonly referred to as a blank-check company. Its principal business activity is to raise capital through public securities offerings for the purpose of identifying, acquiring, or merging with one or more businesses. Like other SPACs, IG Acquisition does not operate a traditional, ongoing commercial business of its own; instead it serves as a vehicle to facilitate a business combination that would result in an operating company becoming publicly listed.

The company’s securities structure reflects typical SPAC conventions, with units, common stock and publicly traded rights indicated by tickers such as IGACR.