Future Money Acquisition Corporation’s Lock-Up Period To Expire Tomorrow (NASDAQ:FMAC)

Future Money Acquisition’s (NASDAQ:FMAC) lock-up period is set to end on Wednesday, September 23rd. Future Money Acquisition had issued 10,000,000 shares in its public offering on March 27th. The total size of the offering was $100,000,000 based on an initial share price of $10.00. After the expiration of Future Money Acquisition’s lock-up period, major shareholders and company insiders will be able to sell their shares of the company.

Wall Street Analyst Weigh In

Separately, Weiss Ratings began coverage on Future Money Acquisition in a research report on Wednesday, August 12th. They issued a “sell (e)” rating on the stock. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company presently has a consensus rating of “Sell”.

Future Money Acquisition Stock Performance

FMAC opened at $10.08 on Tuesday. The stock has a 50 day simple moving average of $10.05. Future Money Acquisition has a 1-year low of $9.90 and a 1-year high of $10.09.

Hedge Funds Weigh In On Future Money Acquisition

An institutional investor recently bought a new position in Future Money Acquisition stock. Rivernorth Capital Management LLC purchased a new stake in shares of Future Money Acquisition Corporation (NASDAQ:FMAC) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 390,000 shares of the company’s stock, valued at approximately $3,916,000. Rivernorth Capital Management LLC owned 0.75% of Future Money Acquisition as of its most recent filing with the Securities & Exchange Commission. Hedge funds and other institutional investors own 73.56% of the company’s stock.

Future Money Acquisition Company Profile

Future Money Acquisition Corp. is a special purpose acquisition company (SPAC) formed to identify and complete a business combination with an operating company. Unlike an operating business, the company does not manufacture products or provide established commercial services of its own.

Its stated investment focus has centered on opportunities in the financial services and financial technology sectors. The company’s activities have primarily involved raising capital through a public offering, evaluating potential acquisition targets, and pursuing a merger or similar transaction intended to take a private operating company public.

Because Future Money Acquisition Corp.