Speculative investors flocked to low-float blank-check stocks and companies that recently completed tie-ups, driving price swings reminiscent of the go-go days for SPACs, Bloomberg’s reports. Ocean Biomedical (OCEA) at one point surged as much as 453% Thursday, triggering at least 11 trading halts, while special-purpose acquisition companies Genesis Growth Tech Acquisition (GGAA) spiked 163% and Lionheart III (LION) soared 113%. The swings came as holders redeemed more than 98% of public shares in the SPACs for cash, according to disclosures over the past month, the author says. The risks that come with chasing rallies were also on display Thursday. Intuitive Machines (LUNR), which had soared 1,200%, tumbled as much as 40% on Thursday. The stock has wiped out 63% from an intraday high hit on Wednesday, the publication adds. Reference Link
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