Why Decarbonization Plus Stock Spiked Today

Shares of special purpose acquisition company (SPAC) Decarbonization Plus Acquisition (NASDAQ: DCRB) soared more than 25% Friday morning, and remain 21% higher as of 3 p.m. EST.

The surge comes after a report that the SPAC has an agreement to merge with hydrogen fuel cell truck maker Hyzon Motors.

The company could announce a deal that would value the newly combined company at over $2 billion, according to a Bloomberg report that cites people familiar with the situation. The SPAC, run by Erik Anderson, closed its initial public offering (IPO) in October 2020. Anderson is also the executive chairman of Topgolf Entertainment, which agreed to be acquired by Callaway Golf in October 2020.

Source Fool.com