AFJK, a Nasdaq-listed SPAC pursuing a long-pending business combination with United Hydrogen Group (a Chinese hydrogen solutions firm announced in 2024), has exhibited extreme swings due to heavy redemptions creating a very low public float. It experienced a massive retail-fueled spike (over +140% intraday on April 9 with multiple LULD halts), followed by a 17.5% drop on April 10. Today's -22.45% (or ~ -22.7% per intraday data, closing near $43.28 from a prior $56 close) continued that reversal amid thin volume, additional LULD volatility halts, and high short-term borrow fees that had previously supported squeezes. Prior events include the 17th one-month extension of the merger deadline to May 6 (announced April 7 via an ~$34k trust deposit funded by a convertible promissory note to the sponsor and target) and a delayed 2025 Form 10-K filing in early April. No new fundamental negative announcement, regulatory action, or earnings release triggered the specific session; the move reflects unwinding of speculative momentum in this microcap name, consistent with patterns in other volatile SPAC/de-SPAC names.
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