Dear JMAC Stock Fans, Mark Your Calendars for March 20
Maxpro Capital Acquisition JJMAC is in full focus on Friday. At the high today, JMAC stock was up more than 56%, although those gains faded to a 12% move upward by the close.
Because of the wild movement and heightened volatility, JMAC stock also faced a trading halt. Known as a “Volatility Trading Pause,” the LUDP halt caused trading of the company to momentarily stop this morning.
That said, the large swings in the stock price come even amid a tough backdrop. Due to ongoing worries about U.S. regional banks as well as European banks, the S&P 500 is back under strong selling pressure.
Still, JMAC stock investors have their sights set on something else. The company plans to hold a special meeting on Monday, March 20 at 11:00 a.m. Eastern. Investors will be able to listen to the meeting live and vote.
Most notably, the company will hold a vote to approve its proposed merger with Apollomics, a late-stage clinical biopharmaceutical company. The company’s pipeline focuses on three main groups: anti-cancer enhancers, tumor inhibitors and immuno-oncology drugs.
What to Watch for With JMAC Stock
Aside from the vote to merge with Apollomics, investors will also have other voting measures to consider on Monday. These include “a proposal to increase the total number of authorized shares,” “a proposal to require a special resolution under Cayman Islands law” and, lastly, “a proposal to provide that directors may only be removed for cause and by a special resolution under Cayman Islands law.”
In a recent 8-K filing, the company also noted additional PIPE subscriptions. Specifically, it “added PIPE subscriptions totaling $23.65 million in support of its proposed merger with Apollomics, a late-stage clinical biopharmaceutical company.” Per SPAC News:
“The SPAC said $21.35 million was raised in a preferred share PIPE, convertible into 1.25 shares at $10 each with a six-month lockup. The balance of the PIPE was raised at $10 a share with one-fourth of a warrant included in each.”
Next week, the ongoing regional banking issues will resume and the Federal Reserve will be in the spotlight. Meanwhile, JMAC stock investors will be keenly watching the voting process play out. That will have a much bigger impact on the stock price of this name than any macro developments taking place.
On the date of publication, Bret Kenwell did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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