OTGAU (NASDAQ:OTGAU) Sees Significant Growth in Short Interest

OTGAU (NASDAQ:OTGAU) saw a large increase in short interest in October. As of October 15th, there was short interest totaling 214 shares. Based on an average trading volume of 727 shares, the days-to-cover ratio is currently 0.3 days.

Hedge Funds Weigh In On OTGAU

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. OMERS ADMINISTRATION Corp bought a new stake in shares of OTGAU during the 1st quarter worth $106,000. Citadel Advisors LLC acquired a new position in OTGAU in the 2nd quarter valued at $117,000. Rangeley Capital LLC grew its stake in OTGAU by 84.6% in the 1st quarter. Rangeley Capital LLC now owns 50,805 shares of the company’s stock valued at $520,000 after buying an additional 23,285 shares during the last quarter. Finally, Lineage Point Capital LP bought a new position in OTGAU in the 2nd quarter worth $4,644,000.

OTGAU Stock Up 0.1%

Shares of OTGAU stock traded up $0.01 during trading on Friday, reaching $10.36. The company had a trading volume of 1,878 shares, compared to its average volume of 8,664. The firm’s 50 day simple moving average is $10.38 and its two-hundred day simple moving average is $10.30. OTGAU has a one year low of $10.09 and a one year high of $10.44.

OTGAU Company Profile

OTG Acquisition Corp. is a special purpose acquisition company (SPAC) organized to identify and complete a business combination with one or more operating businesses. Its publicly traded units are listed on the Nasdaq under the symbol OTGAU.

Unlike an operating company, OTG Acquisition Corp. does not manufacture products or provide services to customers. Its activities primarily involve evaluating potential merger, acquisition, or similar transactions and seeking shareholder approval for a proposed combination.

Until a transaction is completed, the company’s operations are generally limited to organizational activities, regulatory filings, investor communications, and the management of funds held for the purpose of completing a business combination.