Why SPAC Stock "One" Just Popped
Shares of special purpose acquisition company (SPAC) One (NYSE: AONE) jumped more than 12% in early trading Monday morning and are hanging onto about half of their gains as of 12:20 p.m. EDT -- up 6.3%.
If you're not certain about what exactly One is, that's not surprising. It is a bit confusing, so let me unpack this for you. The stock ticker "AONE" used to belong to rechargeable car-battery maker A123 Systems, but A123 was acquired by China's Wanxiang Group back in 2013. (Certain assets were later sold to China's Lithium Werks in 2018.)
AONE is now the ticker for One, a San Francisco-based SPAC that announced last month that it will acquire 3D printer maker Markforged, maker of "The Digital Forge" additive manufacturing machines. These machines print objects using carbon fiber reinforced with metal filaments as their raw material. One hopes to bring Markforged public in a reverse merger IPO with an "equity value of approximately $2.1 billion with approximately $400 million in net cash" sometime "in the summer of 2021." (Translation: The stock should have a market capitalization of $2.5 billion of which $400 million will be backed up with cash.)
Source Fool.com
