Northern Lights Acquisition Corp. (NASDAQ:NLIT – Get Rating) was the recipient of a significant increase in short interest during the month of June. As of June 15th, there was short interest totalling 62,500 shares, an increase of 19.3% from the May 31st total of 52,400 shares. Based on an average daily volume of 124,100 shares, the days-to-cover ratio is presently 0.5 days.
In related news, major shareholder Boothbay Fund Management, Llc sold 1,300,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 29th. The stock was sold at an average price of $10.21, for a total transaction of $13,273,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Karpus Management Inc. lifted its stake in Northern Lights Acquisition by 8.7% in the first quarter. Karpus Management Inc. now owns 1,199,749 shares of the company’s stock valued at $12,141,000 after buying an additional 96,352 shares during the last quarter. Bank of America Corp DE purchased a new stake in Northern Lights Acquisition in the fourth quarter valued at approximately $3,524,000. Glazer Capital LLC acquired a new position in shares of Northern Lights Acquisition in the first quarter valued at approximately $1,232,000. Yakira Capital Management Inc. acquired a new position in shares of Northern Lights Acquisition in the first quarter valued at approximately $1,012,000. Finally, Logan Stone Capital LLC acquired a new position in shares of Northern Lights Acquisition in the fourth quarter valued at approximately $281,000. Institutional investors own 79.50% of the company’s stock.
NASDAQ NLIT traded down $0.86 on Tuesday, reaching $9.35. The stock had a trading volume of 201 shares, compared to its average volume of 432,382. Northern Lights Acquisition has a 12-month low of $7.72 and a 12-month high of $30.47. The business’s 50-day moving average price is $10.03 and its 200 day moving average price is $10.08.
About Northern Lights Acquisition (Get Rating)
Northern Lights Acquisition Corp. does not have significant operations. It intends to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses in the cannabis industry. The company was incorporated in 2021 and is based in New York, New York.
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