Rainier Acquisition Corp (NASDAQ:RNAQU – Get Free Report) was the target of a large decrease in short interest in September. As of September 30th, there was short interest totaling 1,871 shares, a decrease of 95.2% from the September 15th total of 38,698 shares. Based on an average trading volume of 32,760 shares, the days-to-cover ratio is currently 0.1 days.
Rainier Acquisition Stock Up 0.4%
Shares of NASDAQ RNAQU traded up $0.04 during mid-day trading on Friday, reaching $10.12. The company had a trading volume of 434 shares, compared to its average volume of 35,008. Rainier Acquisition has a twelve month low of $10.01 and a twelve month high of $10.38.
Wall Street Analysts Forecast Growth
Separately, Wall Street Zen upgraded Rainier Acquisition to a “hold” rating in a report on Saturday, September 5th.
Insider Buying and Selling
In other news, Director Jonas Grossman acquired 5,625 shares of the stock in a transaction on Wednesday, September 2nd. The shares were purchased at an average cost of $10.00 per share, for a total transaction of $56,250.00. Following the transaction, the director owned 200,000 shares in the company, valued at approximately $2,000,000. This trade represents a 2.89% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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.
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