Starry Sea Acquisition’s (NASDAQ:SSEAU – Get Free Report) lock-up period is set to end on Wednesday, February 4th. Starry Sea Acquisition had issued 5,000,000 shares in its public offering on August 8th. The total size of the offering was $50,000,000 based on an initial share price of $10.00. After the end of the company’s lock-up period, restrictions preventing company insiders and major shareholders from selling shares in the company will be lifted.
Starry Sea Acquisition Price Performance
SSEAU opened at $10.22 on Tuesday. The stock has a 50-day simple moving average of $10.21. Starry Sea Acquisition has a twelve month low of $10.03 and a twelve month high of $11.11.
Hedge Funds Weigh In On Starry Sea Acquisition
A number of large investors have recently made changes to their positions in the stock. Harraden Circle Investments LLC bought a new stake in shares of Starry Sea Acquisition during the 3rd quarter valued at $5,154,000. Highbridge Capital Management LLC bought a new position in Starry Sea Acquisition in the 3rd quarter worth about $4,115,000. Clear Street Group Inc. purchased a new position in Starry Sea Acquisition during the 3rd quarter valued at about $2,999,000. Wolverine Asset Management LLC bought a new stake in shares of Starry Sea Acquisition during the third quarter valued at about $2,998,000. Finally, Mangrove Partners IM LLC purchased a new stake in shares of Starry Sea Acquisition in the third quarter worth about $2,535,000.
About Starry Sea Acquisition
Starry Sea Acquisition Corp. (NASDAQ: SSEAU) is a special purpose acquisition company (SPAC) formed to raise capital through an initial public offering and to effect a business combination with one or more operating businesses. As a blank?check vehicle, the company’s principal activity is to identify, evaluate and negotiate a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other business combination that would result in a change of the company’s purpose.
Like other SPACs, funds raised by Starry Sea Acquisition are typically held in a trust account while the management team pursues potential targets.
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