IG Acquisition Corp. (NASDAQ:IGACR – Get Free Report) saw a significant growth in short interest during 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 short-interest ratio is currently 4.5 days.
IG Acquisition Price Performance
Shares of NASDAQ IGACR traded down $0.01 during mid-day trading on Tuesday, reaching $0.15. The company had a trading volume of 9,096 shares, compared to its average volume of 38,504. The stock has a 50 day simple moving average of $0.17. IG Acquisition has a 52-week low of $0.13 and a 52-week high of $0.21.
Institutional Inflows and Outflows
A number of institutional investors have recently bought and sold shares of the business. Adage Capital Partners GP L.L.C. acquired a new position in IG Acquisition in the 4th quarter valued at about $256,000. Radcliffe Capital Management L.P. acquired a new stake in IG Acquisition in the fourth quarter valued at $102,000. Rivernorth Capital Management LLC acquired a new position in shares of IG Acquisition during the 1st quarter worth $97,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of IG Acquisition in the 1st quarter valued at about $95,000. Finally, First Trust Capital Management L.P. purchased a new position in shares of IG Acquisition in the 4th quarter valued at about $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.
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