Abri SPAC I (ASPA) Stock Is Skyrocketing Wednesday: What's Going On?

Shares of special purpose acquisition company Abri SPAC I Inc ASPA are ripping higher Wednesday after stockholders approved the company's proposed merger with DLQ, Inc. 

What To Know: Abri held a special meeting of shareholders on Monday. Late Tuesday, the company announced that shareholders approved its business combination with e-commerce and digital customer acquisition solutions provider DLQ. The combined company is set to operate under the name "Collective Audience, Inc."

The move in shares appears to be related to the high number of investors who opted to redeem shares during the merger process. SPACs often have redemption rights, which give investors the right to sell their shares back to the acquisition company for net asset value if they don't want to own the proposed company. The redemption of SPAC shares reduces the amount of outstanding shares which can help fuel large moves. 

639,963 shares were tendered for redemption at the special meeting this week. Approximately $6.83 million will be paid back to redeeming shareholders. Following the redemptions, the company said it will have 41,555 public shares of common stock outstanding.

“We are very pleased to finalize our merger with Collective Audience Inc. We believe that their focus on cutting edge customer acquisition and digital outreach is the future for high-value ad targeted marketing," said Jeffrey Tirman, chairman and CEO of Abri.

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ASPA Price Action: Abri shares were up 157.1% at $32.39 at the time of publication, according to Benzinga Pro.

Photo: 3844328 from Pixabay.