Rainier Acquisition Corp’s Quiet Period To End on October 6th (NASDAQ:RNAQU)

Rainier Acquisition’s (NASDAQ:RNAQU) quiet period is set to end on Tuesday, October 6th. Rainier Acquisition had issued 7,500,000 shares in its public offering on August 27th. The total size of the offering was $75,000,000 based on an initial share price of $10.00. During the company’s quiet period, insiders and any underwriters that worked on the IPO are prevented from issuing any earnings forecasts or research reports for the company because of regulations issued by the Securities and Exchange Commission. Following the end of the company’s quiet period, it’s expected that the brokerages that served as underwriters on the stock will initiate research coverage on the company.

Analyst Ratings Changes

Separately, Wall Street Zen raised shares of Rainier Acquisition to a “hold” rating in a report on Saturday, September 5th.

Rainier Acquisition Stock Performance

RNAQU opened at $10.20 on Thursday. Rainier Acquisition has a 52 week low of $10.02 and a 52 week high of $10.38.

Insiders Place Their Bets

In other news, Director Jonas Grossman acquired 5,625 shares of Rainier Acquisition stock in a transaction on Wednesday, September 2nd. The shares were acquired at an average price of $10.00 per share, with a total value of $56,250.00. Following the purchase, the director directly owned 200,000 shares in the company, valued at $2,000,000. The trade was a 2.89% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

About Rainier Acquisition

Rainier Acquisition Corp. is a special purpose acquisition company (SPAC) whose securities trade on the Nasdaq under the symbol RNAQU. Like other blank-check companies, it was formed to raise capital through an initial public offering for the purpose of pursuing a business combination.

The company does not have an established operating business, products or services of its own. Its activities are primarily focused on identifying and evaluating a target company, which could involve a merger, acquisition, stock purchase, reorganization or similar transaction.

Rainier Acquisition Corp.