Irenic Acquisition Corp.’s Lock-Up Period To End on October 26th (NASDAQ:IACQ)

Irenic Acquisition’s (NASDAQ:IACQ) lock-up period is set to expire on Monday, October 26th. Irenic Acquisition had issued 22,000,000 shares in its initial public offering on April 28th. The total size of the offering was $220,000,000 based on an initial share price of $10.00. After the expiration of the company’s lock-up period, company insiders and major shareholders will be able to sell their shares of the company.

Wall Street Analyst Weigh In

Separately, Weiss Ratings assumed coverage on shares of Irenic Acquisition in a research note on Monday, September 14th. They issued a “sell (e)” rating for the company. One investment analyst has rated the stock with a Sell rating. According to MarketBeat.com, the stock presently has an average rating of “Sell”.

Irenic Acquisition Price Performance

IACQ opened at $9.91 on Wednesday. Irenic Acquisition has a 12 month low of $9.89 and a 12 month high of $10.10. The stock has a fifty day moving average of $9.94.

About Irenic Acquisition

Irenic Acquisition Corp. is a special purpose acquisition company (SPAC) listed on the Nasdaq under the symbol IACQ. The company was formed to raise capital through a public offering and use those proceeds to pursue a business combination with an operating company.

Rather than developing or selling products and services of its own, Irenic Acquisition evaluates potential targets for a merger, acquisition, stock purchase, reorganization or similar transaction. Its objective is to identify a suitable private company and provide a path for that business to become publicly traded.

Until a transaction is completed, the company generally has no substantial operating business beyond managing its corporate affairs, evaluating acquisition opportunities and complying with public-company requirements.