RAAQ Gives Up Gains After Hitting 52-Week High; IQM Quantum Deal Moves Forward
Real Asset Acquisition Corp. ended the short week down, backing off a 52-week high. The move comes as investors looked for updates on its planned deal with Finland’s IQM Quantum Computers. Shares closed Friday at $11.35, off 0.4% on the session and down 3.2% from last week’s close. The stock hit $11.97 on Tuesday. The timing is key now that the Nasdaq-listed shell is not just trading like a regular cash shell. RAAQ is a SPAC—a special purpose acquisition company—that was formed to take a private company public through a merger. Its stock has turned into a thin market bet on IQM’s push to go public.