Short Interest in Idea Acquisition Corp. (NASDAQ:IACOU) Drops By 89.5%

Idea Acquisition Corp. (NASDAQ:IACOU) was the recipient of a large drop in short interest in the month of May. As of May 29th, there was short interest totaling 88 shares, a drop of 89.5% from the May 14th total of 837 shares. Based on an average daily trading volume, of 4,901 shares, the days-to-cover ratio is presently 0.0 days.

Idea Acquisition Stock Up 0.2%

IACOU stock traded up $0.02 during mid-day trading on Thursday, hitting $10.01. The stock had a trading volume of 1 shares, compared to its average volume of 94,162. Idea Acquisition has a 52 week low of $9.87 and a 52 week high of $10.02. The stock’s fifty day moving average is $9.97.

Idea Acquisition Company Profile

Idea Acquisition (NASDAQ: IACOU) is a special purpose acquisition company (SPAC), commonly known as a blank?check company, whose units trade on the Nasdaq exchange under the ticker IACOU. As a SPAC, its principal business purpose is to raise capital through an initial public offering and to identify, negotiate and complete a business combination with one or more operating companies. The company’s publicly stated objective is to use the proceeds from its offering to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination.

Like other SPACs, Idea Acquisition’s activities center on sourcing potential acquisition targets, conducting due diligence, structuring transaction terms and obtaining shareholder approval for a proposed business combination.