Rainier Acquisition Corp’s (NASDAQ:RNAQU) Quiet Period To Expire on October 6th

Rainier Acquisition’s (NASDAQ:RNAQU) quiet period is set to expire on Tuesday, October 6th. Rainier Acquisition had issued 7,500,000 shares in its initial public offering on August 27th. The total size of the offering was $75,000,000 based on an initial share price of $10.00. During the company’s quiet period, insiders and underwriters involved in the IPO are restricted from issuing any research reports for the company because of SEC regulations. Following the expiration of the company’s quiet period, the brokerages that served as underwriters will likely initiate research coverage on the company.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised shares of Rainier Acquisition to a “hold” rating in a research note on Saturday, September 5th.

Rainier Acquisition Stock Performance

Rainier Acquisition stock opened at $10.13 on Friday. Rainier Acquisition has a one year low of $10.02 and a one year high of $10.38.

Insider Activity at Rainier Acquisition

In related news, Director Jonas Grossman acquired 5,625 shares of the firm’s stock in a transaction dated Wednesday, September 2nd. The stock was purchased at an average cost of $10.00 per share, with a total value of $56,250.00. Following the completion of the acquisition, the director directly owned 200,000 shares of the company’s stock, valued at approximately $2,000,000. This trade represents a 2.89% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Rainier Acquisition Company Profile

Rainier Acquisition Corp. is a special purpose acquisition company (SPAC) whose securities trade on the Nasdaq under the symbol RNAQU. Like other blank-check companies, it was formed to raise capital through an initial public offering for the purpose of pursuing a business combination.

The company does not have an established operating business, products or services of its own. Its activities are primarily focused on identifying and evaluating a target company, which could involve a merger, acquisition, stock purchase, reorganization or similar transaction.

Rainier Acquisition Corp.