Polar Asset Management Partners Inc., a prominent investment advisory firm based in Toronto, has acquired a significant stake in ShoulderUP Technology Acquisition Corp. (NASDAQ:SUAC). According to a recent SEC filing, the firm purchased 100,000 shares of Class A common stock at a price of $10.71 per share, totaling approximately $1.07 million.
This acquisition increases Polar Asset Management's holdings to 500,000 shares, as they continue to exercise investment discretion through their advised fund, Polar Multi-Strategy Master Fund. Despite this transaction, the firm disclaims beneficial ownership of the securities, as noted in the filing's footnotes. The transaction was executed on November 19, 2024, and reported by Andrew Ma, the Chief Compliance Officer of Polar Asset Management.
InvestingPro Insights
While Polar Asset Management Partners Inc. has increased its stake in ShoulderUP Technology Acquisition Corp. (NASDAQ:SUAC), investors should be aware of some key financial metrics and insights provided by InvestingPro.
According to InvestingPro data, SUAC's operating income for the last twelve months as of Q2 2024 stands at -$1.36 million, indicating that the company is currently operating at a loss. This is further reinforced by the basic and diluted earnings per share (EPS) from continuing operations, both at -$0.25 for the same period.
InvestingPro Tips highlight some challenges facing SUAC. The company is not profitable over the last twelve months, and its short-term obligations exceed its liquid assets. Additionally, SUAC does not pay a dividend to shareholders, which may be a consideration for income-focused investors.
Despite these challenges, it's worth noting that SUAC's stock has shown some positive momentum, with a 3-month price total return of 8.03% as of the latest data. However, the 1-month return stands at -2.64%, suggesting recent volatility.
For investors considering SUAC, it's important to note that InvestingPro offers 5 additional tips that could provide further insights into the company's financial health and prospects. These additional tips, available through the InvestingPro product, could be particularly valuable given the complexities surrounding special purpose acquisition companies (SPACs) like SUAC.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.