Stocks of special purpose acquisition companies or SPACs have been on the move and one of the notable moves has been seen in the Revolution Acceleration Acquisition Corp (NASDAQ: RAAC) stock.
The Revolution stock has soared by as high as 15% this morning and it is related to the fact that it reached an agreement to bring the company Berkshire Grey public. Berkshire Grey is involved in the development of integrated artificial intelligence and robotic products.
The products that the company develops are used primarily in the logistics and e-commerce industries among others. The definitive agreement is going to create a new publicly listed company that is going to command a valuation of as big as $2.7 billion. Hence, the rally in the Revolution stock this morning is perfectly understandable. While the SPAC has seen its stock soar considerably this morning, it remains to be seen if it can continue to hold on to its momentum for the rest of the day.