OTGAU (NASDAQ:OTGAU) Sees Significant Increase in Short Interest

OTGAU (NASDAQ:OTGAU) was the recipient of a large growth in short interest in October. As of October 15th, there was short interest totaling 214 shares. Based on an average daily volume of 727 shares, the days-to-cover ratio is currently 0.3 days.

OTGAU Trading Up 0.1%

OTGAU stock traded up $0.01 during midday trading on Friday, reaching $10.36. The company’s stock had a trading volume of 1,878 shares, compared to its average volume of 8,664. The stock’s 50-day simple moving average is $10.38 and its 200-day simple moving average is $10.30. OTGAU has a 52-week low of $10.09 and a 52-week high of $10.44.

Institutional Trading of OTGAU

A number of institutional investors have recently bought and sold shares of OTGAU. OMERS ADMINISTRATION Corp acquired a new stake in shares of OTGAU during the first quarter worth $106,000. Citadel Advisors LLC acquired a new position in shares of OTGAU in the 2nd quarter valued at $117,000. Rangeley Capital LLC raised its stake in OTGAU by 84.6% in the 1st quarter. Rangeley Capital LLC now owns 50,805 shares of the company’s stock worth $520,000 after acquiring an additional 23,285 shares during the last quarter. Finally, Lineage Point Capital LP purchased a new position in OTGAU in the 2nd quarter worth $4,644,000.

OTGAU Company Profile

OTG Acquisition Corp. is a special purpose acquisition company (SPAC) organized to identify and complete a business combination with one or more operating businesses. Its publicly traded units are listed on the Nasdaq under the symbol OTGAU.

Unlike an operating company, OTG Acquisition Corp. does not manufacture products or provide services to customers. Its activities primarily involve evaluating potential merger, acquisition, or similar transactions and seeking shareholder approval for a proposed combination.

Until a transaction is completed, the company’s operations are generally limited to organizational activities, regulatory filings, investor communications, and the management of funds held for the purpose of completing a business combination.