Why SPAC 10X Capital's Stock Surged Today

Shares of 10X Capital Venture Acquisition (NASDAQ: VCVC) were sharply higher on Wednesday, after the special-purpose acquisition company (SPAC) announced that it will merge with electric-vehicle platform maker REE Automotive.

As of 3 p.m. EST, 10X Capital's stock was up about 43.8% from Tuesday's closing price.

REE Automotive has developed a series of electric-vehicle "platforms" that can serve as the underpinnings of many different types of vehicles. In industry-speak, REE's products are flat EV "skateboards" that are modular, meaning that the components can be arranged to support vehicles of many different shapes and sizes. 

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Source Fool.com