Why SpartanNash Soared 30% Today

Shares in SpartanNash (NASDAQ: SPTN) are up more than 30% as of 11:15 a.m. EDT Friday. 

While the food distributor and retailer's business has been strong throughout the COVID-19 pandemic, news of a commercial agreement to issue a warrant for common stock to Amazon (NASDAQ: AMZN) has generated excitement today. 

In an SEC filing, the company disclosed that under the agreement with Amazon, SpartanNash has issued a warrant to purchase up to 5.4 million shares in the company. The warrant has been issued specifically to Amazon.com NV Investment Holdings LLC, a subsidiary of Amazon.

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Source Fool.com