Rainier Acquisition Corp’s (NASDAQ:RNAQU) Quiet Period Will Expire Tomorrow

Rainier Acquisition’s (NASDAQ:RNAQU) quiet period will end on Tuesday, October 6th. Rainier Acquisition had issued 7,500,000 shares in its initial public offering on August 27th. The total size of the offering was $75,000,000 based on an initial share price of $10.00. During the company’s quiet period, insiders and underwriters that worked on the IPO are restricted from issuing any research reports or earnings estimates for the company because of regulations issued by the Securities and Exchange Commission. Following the end of the company’s quiet period, it’s expected that the brokerages that served as underwriters on the stock will initiate research coverage on the company.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded shares of Rainier Acquisition to a “hold” rating in a research note on Saturday, September 5th.

Rainier Acquisition Price Performance

Shares of RNAQU opened at $10.13 on Monday. Rainier Acquisition has a 12 month low of $10.02 and a 12 month high of $10.38.

Insider Activity

In related news, Director Jonas Grossman bought 5,625 shares of the business’s stock in a transaction that occurred on Wednesday, September 2nd. The stock was acquired at an average price of $10.00 per share, for a total transaction of $56,250.00. Following the transaction, the director directly owned 200,000 shares of the company’s stock, valued at $2,000,000. This represents a 2.89% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website.

Rainier Acquisition Company Profile

Rainier Acquisition Corp. is a special purpose acquisition company (SPAC) whose securities trade on the Nasdaq under the symbol RNAQU. Like other blank-check companies, it was formed to raise capital through an initial public offering for the purpose of pursuing a business combination.

The company does not have an established operating business, products or services of its own. Its activities are primarily focused on identifying and evaluating a target company, which could involve a merger, acquisition, stock purchase, reorganization or similar transaction.

Rainier Acquisition Corp.