Why is GS Acquisition II (GSAH) Jumping Suddenly?

In recent weeks, SPACs or special purpose acquisition companies turned into the flavor of the season for investors.

However, there have been fears that the rally in SPAC stocks might be a bubble, and that eventually led to a significant selloff. One of the SPAC stocks that came off its recent highs was that of GS Acquisition Holdings Corp II (NYSE: GSAH). Nevertheless, on Wednesday, the stock managed to make a comeback of sorts as it soared by as high as 10.65%.

Despite the recent rally, it is necessary to note that the stock is still trading at a considerably lower level from its 52 week high. The GS Acquisition stock is backed by the investment banking behemoth Goldman Sachs and back in June 2020, it managed to raise as huge as $700 million in its IPO. The company has not mentioned an acquisition yet but the fall in the stock price might have been brought about by a selloff in the wider SPAC market.

Uson Abdilazhanov

Editor and Computer Expert A hardcore tech enthusiast and computer expert Uson Abdilazhanov who holds a degree in communications started writing in his personal blogs since 2012. That time he was interested in the technical part of the computer. But now the software aspect plays an important role in his career. Currently, he runs a PC building and repairing shop which helps a lot of designers and gamers who always like to try new things.

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