Rainier Acquisition Corp (NASDAQ:RNAQU – Get Free Report) was the target of a significant decrease in short interest during the month of October. As of October 15th, there was short interest totaling 512 shares, a decrease of 72.6% from the September 30th total of 1,871 shares. Based on an average daily volume of 3,007 shares, the short-interest ratio is presently 0.2 days.
Insiders Place Their Bets
In related news, Director Jonas Grossman purchased 5,625 shares of the company’s stock in a transaction that occurred on Wednesday, September 2nd. The shares were purchased at an average price of $10.00 per share, with a total value of $56,250.00. Following the purchase, the director owned 200,000 shares of the company’s stock, valued at $2,000,000. This trade represents a 2.89% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website.
Analyst Ratings Changes
Separately, Wall Street Zen upgraded shares of Rainier Acquisition to a “hold” rating in a report on Saturday, September 5th.
Rainier Acquisition Stock Performance
Shares of RNAQU remained flat at $10.03 during mid-day trading on Wednesday. The stock has a 50-day moving average of $10.15. Rainier Acquisition has a 1-year low of $10.01 and a 1-year high of $10.38.
About Rainier Acquisition
Rainier Acquisition Corporation was a special purpose acquisition company (SPAC) formed to identify and complete a merger, stock purchase, or similar business combination with an operating company. Its publicly traded units were listed on the Nasdaq under the symbol RNAQU.
As a SPAC, Rainier Acquisition did not have its own operating products or services. Its activities primarily involved raising capital through an initial public offering, placing proceeds into a trust account, and evaluating potential acquisition targets.
The company was incorporated in the United States and was intended to pursue a business combination with an unidentified operating business.
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