Melar Acquisition Corp. I (NASDAQ:MACI) Trading Up 0.1% - Here's What Happened

Key Points

• Melar Acquisition Corp. I's stock rose by 0.1% to trade at $10.56, with a steep decline in trading volume down 66% from the average.
• Several institutional investors acquired significant stakes in the company during the second quarter, including Meteora Capital LLC with an investment of approximately $11.67 million.
• Melar Acquisition Corp. I is a blank check company established for the purpose of engaging in mergers or similar business combinations.

Melar Acquisition Corp. I (NASDAQ:MACI - ) shares were up 0.1% on Friday . The stock traded as high as $10.55 and last traded at $10.56. Approximately 360 shares traded hands during trading, a decline of 66% from the average daily volume of 1,049 shares. The stock had previously closed at $10.55.

Melar Acquisition Corp. I Trading Up 0.1%

The company has a 50-day moving average price of $10.52 and a two-hundred day moving average price of $10.42.

Institutional Investors Weigh In On Melar Acquisition Corp. I

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Radcliffe Capital Management L.P. bought a new stake in shares of Melar Acquisition Corp. I during the second quarter valued at about $3,094,000. Meteora Capital LLC bought a new position in shares of Melar Acquisition Corp. I in the second quarter worth approximately $11,669,000. Magnetar Financial LLC bought a new position in shares of Melar Acquisition Corp. I in the second quarter worth approximately $3,861,000. Alberta Investment Management Corp bought a new position in shares of Melar Acquisition Corp. I in the second quarter worth approximately $3,412,000. Finally, BCK Capital Management LP bought a new position in shares of Melar Acquisition Corp. I in the second quarter worth approximately $526,000.

Melar Acquisition Corp. I Company Profile

Melar Acquisition Corp. I is a blank check company. It formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Melar Acquisition Corp. I is based in NEW YORK.

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