Why Shares of This EV Battery Stock Are Flying Higher Today

Lagging after the holiday weekend, both the S&P 500 and the Dow Jones Industrial Average are down today. Shares of Sustainable Opportunities Acquisition (NYSE: SOAC), however, are soaring. As of 1:01 p.m., the stock is up 8.5%, retreating slightly from its climb of 14.5% earlier in the trading session.

Investors are celebrating news today that Sustainable Opportunities Acquisition, a special-purpose acquisition company (SPAC), is a major step closer to completing its merger with DeepGreen Metals, a business focusing on producing metals for use in electric vehicle batteries.

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Source Fool.com