Shares of online car retailer Cazoo Group (NYSE: CZOO) traded more than 15% higher as of 10:52 a.m. ET today after the company announced its plans to withdraw its operations from the European Union.

Cazoo, which went public through a special purpose acquisition company (SPAC), has seen its stock hammered since starting to trade independently. The stock is down more than 88% year to date.

On Aug. 2, Cazoo said it would conduct a strategic review of its business in Europe and released the results of that review today.

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Source Fool.com