UY Scuti Acquisition Holds Close to $10.70 While July SPAC Expiry Looms
UY Scuti Acquisition Corp. shares were quoted close to $10.70 ahead of Monday’s regular Nasdaq open, barely moving as U.S. equity futures traded higher. The SPAC remains thinly traded. Focus for UY Scuti is now on the calendar, not today’s session. The company’s initial extension for its planned merger runs out July 1, about a month from now. UY Scuti is a SPAC, or special purpose acquisition company, meaning it’s a listed cash shell that raises money first and then tries to merge with an operating business. Near deadline dates, SPAC stocks like UY Scuti usually move on trust value, redemptions, and if a deal might close, not on earnings. Robinhood put its market value at about $81.94 million with