Chenghe Acquisition Co. CHEA has seen a remarkable surge in its shares on Monday following the approval of the merger agreement with Taiwan Color Optics, Inc.
The Approval:
In a significant move, Chenghe shareholders have given their nod for the business combination with Taiwan Color Optics, Inc. dated July 21, 2023. Additionally, Chenghe will undergo a metamorphosis, assuming the name “Semilux Ltd.”
On Monday, Chenghe shares have witnessed robust trading activity, with over 6.76 million shares changing hands in the session. This is in stark contrast to the stock’s 100-day average volume of less than 122,000 shares, as per data from Benzinga Pro.
Chenghe Acquisition Co. is a newly established, Cayman Islands-based, blank check company formed to facilitate a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more enterprises.
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Stock Performance: As per Benzinga Pro, Chenghe Acquisition shares have soared by 50% to hit $8.03 at the time of reporting.
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