Armada Acquisition Corp. III (NASDAQ:AACIU – Get Free Report) shot up 3.6% during mid-day trading on Monday . The company traded as high as $10.14 and last traded at $10.51. Approximately 50 shares were traded during mid-day trading, a decline of 100% from the average daily volume of 27,126 shares. The stock had previously closed at $10.14.
Armada Acquisition Corp. III Stock Performance
The firm’s fifty day moving average is $10.27 and its 200 day moving average is $10.28.
Hedge Funds Weigh In On Armada Acquisition Corp. III
Several institutional investors and hedge funds have recently modified their holdings of the stock. TENOR CAPITAL MANAGEMENT Co. L.P. purchased a new stake in shares of Armada Acquisition Corp. III during the second quarter worth $15,315,000. Karpus Management Inc. acquired a new position in Armada Acquisition Corp. III in the 2nd quarter worth about $3,063,000. Whitebox Advisors LLC acquired a new position in Armada Acquisition Corp. III in the 2nd quarter worth about $2,042,000. Moore Capital Management LP purchased a new stake in shares of Armada Acquisition Corp. III during the 2nd quarter worth about $2,036,000. Finally, Cable Car Capital LP purchased a new stake in shares of Armada Acquisition Corp. III during the 2nd quarter worth about $1,532,000.
About Armada Acquisition Corp. III
Armada Acquisition Corp. III (NASDAQ: AACIU) is a special purpose acquisition company (SPAC), commonly referred to as a blank check company, that is organized to raise capital through a public offering and use those proceeds to effect one or more business combinations. As a publicly listed SPAC, its principal activity is sourcing, negotiating and completing a merger, capital stock exchange or other business combination with an operating company, rather than operating an ongoing commercial business of its own.
Typical SPAC activities include the issuance of units in an initial public offering, with the IPO proceeds placed in a trust account pending the completion of a qualifying business combination.
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