Why Holicity Stock Soared More Than 40% Today

Shares of Holicity (NASDAQ: HOL) took off like a rocket on Tuesday after it announced its plans to merge with private space company Astra. The stock had jumped by almost 50% before settling back to a gain of about 41% as of 11:24 a.m. EST.

Shares soared after the blank check company said it will merge with the rocket maker. Astra offers space launch and satellite delivery services, and was the fastest private company in history to achieve orbital launch capabilities, the company said in a statement.

Astra rocket launch. Image source: Astra.

Source Fool.com