Why Artius Acquisition Stock Popped Today

Shares of Artius Acquisition (Nasdaq: AACQ) (NASDAQ: AACQ.U) have popped today, up by 16% as of 11:15 a.m. EST, following a Bloomberg report from Friday evening that the special purpose acquisition company (SPAC) is in talks to merge with Origin Materials. Negotiations are ongoing and may not result in a deal, according to the report.

Artius went public last summer and was initially targeting the fintech sector, so the speculation suggests that it's now exploring other industries. The SPAC was co-founded by former Worldpay CEO Charles Drucker, but the company noted in its prospectus that Drucker is party to a non-compete agreement until July 31, 2021 that could limit the potential targets to merge with. That may be why Artius is now reportedly looking outside of fintech.

Image source: Getty Images.

Source Fool.com