100s of titles, one news app for just $10 a month.
Dive Deeper:
Get all your news in one place
Latest Technology news:
All the twists and turns in the Musk-Twitter takeover saga
A full breakdown of Musk's remarks, tweets, discussions and dealings in his quest to buy Twitter.
Read news from The Economist, FT, Bloomberg and more, with one subscription
Learn More
Watch Ford's F-150 Lightning Tow A Trailer: How Far Can It Go?
Now that the Ford F-150 Lightning is shipping, we'll get to learn so much more about it from owners and…
'Eiyuden Chronicle: Hundred Heroes' gameplay, trailer, platforms, and story
Rabbit & Bear's highly anticipated Suikoden spiritual successor, 'Eiyuden Chronicle: Hundred Heroes', is coming in 2023. Here's what we know…
AWD-Only 2023 Genesis GV60 Is On Sale In The US, Starts At $58,890
The GV60 is offered in two packages in the United States, GV60 Advanced and GV60 Performance; both feature dual-motor AWD…
Why the Internet Hates Amber Heard
Notes on the paranoid style in online fandom
From analysis to good news, read the world’s best news in one place
22 years later, this cult classic RPG still holds up
22 years ago SquareSoft released 'Vagrant Story', and it still stands out as one of the most influential cult classic…
Harry Styles is kicking off Apple's new series of livestreamed concerts
Apple Music Live will broadcast shows from "the biggest stars in music."

Why OTR Acquisition Shares Are Soaring Today

By Chris Katje

Shares of a SPAC are trading significantly higher Friday after a large portion were redeemed as part of the SPAC process.

What Happened: OTR Acquisition Corp (NASDAQ:OTRA) completed Thursday its merger vote with Comera Life Sciences.

A total of 10.3 million shares, representing 98.4% of all OTR Acquisition shares were redeemed as part of the merger. As a result, only 168,000 shares of OTR Acquisition remain tradeable.

“Up there with one of the highest % redemptions on record,” SPAC expert Julian Klymochko tweeted.

There is no PIPE funding on the SPAC deal, which could increase the chances that the company needs to do financing to fund future growth as it will get a fraction of the proceeds it originally projected. There is also some risk that the deal will close given the low capital and high redemptions.

Comera is developing biologic medicines to improve safety for patient using its formulation platform SQore. The company said it was planning to collaborate with pharmaceutical and biotechnology companies when it announced its SPAC deal.

Companies that have low floats and have completed their SPAC vote have often traded higher and seen several halts.

OTRA Price Action: OTR Acquisition shares were up 105% to $20.30 in after-hours trading Thursday; In Friday's premarket session, the stock was up about 46% at press time.

What is inkl?
The world’s most important news, from 100+ trusted global sources, in one place.
Morning Edition
Your daily
news overview

Morning Edition ensures you start your day well informed.

No paywalls, no clickbait, no ads
Enjoy beautiful reading

Content is only half the story. The world's best news experience is free from distraction: ad-free, clickbait-free, and beautifully designed.

Expert Curation
The news you need to know

Stories are ranked by proprietary algorithms based on importance and curated by real news journalists to ensure that you receive the most important stories as they break.