MMCAP International Inc. SPC Invests $1.50 Million in Chenghe Acquisition III Co. $CHEC

MMCAP International Inc. SPC acquired a new position in shares of Chenghe Acquisition III Co. (NASDAQ:CHEC) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 150,000 shares of the company’s stock, valued at approximately $1,496,000.

Separately, Gladius Capital Management LP purchased a new position in shares of Chenghe Acquisition III during the 4th quarter worth about $150,000.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded shares of Chenghe Acquisition III from a “sell (e)” rating to a “sell (e+)” rating in a report on Friday, May 1st. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, Chenghe Acquisition III has an average rating of “Sell”.

Chenghe Acquisition III Price Performance

CHEC opened at $10.11 on Wednesday. Chenghe Acquisition III Co. has a 52-week low of $9.91 and a 52-week high of $10.56. The stock’s 50 day simple moving average is $10.09.

Chenghe Acquisition III (NASDAQ:CHEC) last released its quarterly earnings data on Wednesday, March 25th. The company reported $0.14 earnings per share (EPS) for the quarter.

Chenghe Acquisition III Profile

Chenghe Acquisition III (NASDAQ: CHEC) is a special-purpose acquisition company, commonly known as a SPAC, that was formed to effect a business combination with one or more operating companies. As a blank‑check vehicle, the company’s primary business activity is identifying, negotiating and completing an acquisition, merger or other strategic combination rather than operating traditional, revenue‑generating businesses.

Like many SPACs, Chenghe Acquisition III holds funds in a trust account pending the completion of a qualifying business combination and typically offers public shareholders the option to redeem their shares if they do not approve a proposed transaction.