This Stock Surges Nearly 40% In After-Hours Trading: Here's Why

Blue World Acquisition Corp BWAQ witnessed a remarkable 39.37% surge to $12 in after-hours trading, reflecting strong market confidence in the company’s strategic initiatives.

The surge coincides with the company’s recent Extraordinary General Meeting held on Tuesday where significant shareholder engagement was observed regarding strategic transactions outlined in the Business Combination Agreement, according to the company’s SEC filing.

Blue World Acquisition Corporation functions as a special purpose acquisition company with the objective of acquiring one or more businesses and assets through methods such as mergers, capital stock exchanges, asset acquisitions, stock purchases, and reorganizations, according to Bloomberg.

Price Action: BWAQ is currently trading at $8.61. In after-hours trading, the stock surged to $12.00, marking a 39.37% increase. Despite this recent boost, the stock remains down 21.94% year-to-date, according to the data from Benzinga Pro.

Read Next: Nvidia, GameStop, Robinhood, Ford, Tesla: Why These 5 Stocks Are On Investors’ Radars Today

Image Via Shutterstock

This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote