Idea Acquisition Corp. (NASDAQ:IACOU) Sees Large Growth in Short Interest

Idea Acquisition Corp. (NASDAQ:IACOU) saw a significant growth in short interest during the month of May. As of May 15th, there was short interest totaling 837 shares, a growth of 454.3% from the April 30th total of 151 shares. Based on an average daily volume of 5,403 shares, the days-to-cover ratio is presently 0.2 days.

Idea Acquisition Trading Down 0.1%

Shares of NASDAQ:IACOU traded down $0.01 during trading on Thursday, hitting $9.99. 10,046 shares of the company traded hands, compared to its average volume of 103,128. The stock has a fifty day simple moving average of $9.95. Idea Acquisition has a one year low of $9.87 and a one year high of $10.02.

Idea Acquisition Company Profile

Idea Acquisition (NASDAQ: IACOU) is a special purpose acquisition company (SPAC), commonly known as a blank‑check company, whose units trade on the Nasdaq exchange under the ticker IACOU. As a SPAC, its principal business purpose is to raise capital through an initial public offering and to identify, negotiate and complete a business combination with one or more operating companies. The company’s publicly stated objective is to use the proceeds from its offering to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination.

Like other SPACs, Idea Acquisition’s activities center on sourcing potential acquisition targets, conducting due diligence, structuring transaction terms and obtaining shareholder approval for a proposed business combination.