K2 Capital drifts near $10 as SPAC week shapes what’s next
K2 Capital Acquisition Corp. closed at $9.97 on Friday, slipping 1 cent in light action on Nasdaq. The SPAC stayed close to its $10 IPO price as U.S. exchanges closed for the weekend. Just 512 shares traded hands. K2 is a SPAC, not an operating company. The shell raises cash before searching for a merger target. Trading here is mostly about bets on a future deal, the redemption value and sentiment for new listings, not actual sales or profits. Timing is important for this reason.