Big Tree Cloud DSY saw its stock soar nearly 140% in pre-market trading on Monday, following the announcement of a business combination with Plutonian Acquisition Corp.
According to their recent press release, the shares and warrants of the newly combined entity began trading on Nasdaq under the tickers “DSY” and “DSYWW”, respectively, on June 7, 2024.
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At the time of writing, Big Tree Cloud under the ticker DSY was trading at $4.540, a significant increase of 137.8% from its closing price of $1.91 on Friday.
Plutonian shareholders unanimously approved the merger in April. However, redemptions reduced the trust by approximately $35.4 million, leaving $172,348.
The SPAC also secured a private placement of nearly $2.7 million. Both parties agreed to seek an additional $10 million in financing for the deal.
The merger, announced last October, values Big Tree Cloud at $500 million, reported Reuters. Founded in 2020, Big Tree Cloud focuses on the development, production, and sales of personal care products and other consumer goods in China.
Mr. Wenquan Zhu, Founder, Chairman, and CEO of Big Tree Cloud, expressed excitement about the milestone, stating, “We are excited to reach this milestone as we complete our business combination with Plutonian and prepare for our Nasdaq debut. We have achieved solid progress since our inception in 2020, and we are excited about the growth opportunities for enhancing personal and hygienic care for families in China and globally. Our Nasdaq listing will expedite our mission to provide premium personal care products and diversify our product portfolio.”
Image Via shutterstock
This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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