As a blank check company pursuing a business combination with a hydrogen-focused entity, the stock's limited public float—reduced to under 4 million shares following heavy redemptions noted in recent SEC filings—amplified buying pressure during regular trading hours. This dynamic, combined with ongoing retail chatter about proxy approvals and deadline extensions from mid-December, triggered volatile spikes as traders bet on potential short-term squeezes. Volume surged alongside the move, reflecting speculative positioning rather than new operational news, though post-merger dilution risks from planned share issuance loomed large. Based on available reports, this extends momentum from the November shareholder vote greenlighting the complex merger structure.
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