Verbena Value LP Takes Position in EGH Acquisition Corp. $EGHA

Key Points

• Verbena Value LP initiated a new position in EGH Acquisition Corp. in the first quarter, buying 487,810 shares valued at about $4.98 million. The stake represented roughly 2.38% of EGH Acquisition and about 0.8% of Verbena’s portfolio.
• Several other hedge funds also added to or opened positions in the SPAC, including Toronto Dominion Bank, TIG Advisors, and Periscope Capital, indicating continued institutional interest.
• EGH Acquisition stock was trading near $10.34, close to its recent range, while analyst sentiment remained weak with Weiss Ratings reiterating a sell (d-) rating and a consensus of Sell.

Verbena Value LP bought a new position in EGH Acquisition Corp. (NASDAQ:EGHA - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 487,810 shares of the company's stock, valued at approximately $4,981,000. EGH Acquisition comprises about 0.8% of Verbena Value LP's investment portfolio, making the stock its 22nd biggest holding. Verbena Value LP owned about 2.38% of EGH Acquisition at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. ABC Arbitrage SA purchased a new position in shares of EGH Acquisition in the fourth quarter valued at $304,000. Lineage Point Capital LP purchased a new position in EGH Acquisition during the 4th quarter valued at $465,000. Toronto Dominion Bank grew its holdings in shares of EGH Acquisition by 252.2% in the fourth quarter. Toronto Dominion Bank now owns 177,958 shares of the company's stock worth $1,803,000 after purchasing an additional 127,436 shares during the last quarter. TIG Advisors LLC bought a new position in EGH Acquisition in the 4th quarter worth about $2,052,000. Finally, Periscope Capital Inc. raised its position in EGH Acquisition by 26.6% during the 4th quarter. Periscope Capital Inc. now owns 253,146 shares of the company's stock valued at $2,564,000 after purchasing an additional 53,146 shares in the last quarter.

EGH Acquisition Price Performance

NASDAQ:EGHA opened at $10.34 on Monday. The company's 50 day moving average price is $10.31. EGH Acquisition Corp. has a 52 week low of $9.31 and a 52 week high of $10.80.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a "sell (d-)" rating on shares of EGH Acquisition in a report on Thursday, June 18th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock has a consensus rating of "Sell".

EGH Acquisition Profile

EGH Acquisition NASDAQ: EGHA is a publicly traded special purpose acquisition company (SPAC) formed to identify, acquire and combine with one or more businesses. As a blank‑check vehicle, the company's primary business activity is to raise capital through an initial public offering and to seek qualifying target companies for a business combination that would result in the target becoming a publicly listed entity.

Like other SPACs, EGH Acquisition typically holds the proceeds of its offering in trust while it evaluates potential targets and transaction structures.

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