RDBX - Redbox surges 23% in apparent short squeeze outstripping acquisition price

Redbox Entertainment (NASDAQ:RDBX) has found a new leg higher Monday, jumping 22.7% in an apparent short squeeze - and departing from the implied fundamentals of a deal it has to be acquired by Chicken Soup for the Soul Entertainment (NASDAQ:CSSE). Trading volume in Redbox Monday crossed 40 million shares at midday, already well past double typical full-day volume. The gains comes as social chatter surges around the video-rental company. Comments on the popular Reddit WallStreetBets investing forum surged 400% in the past 24 hours. Meanwhile, a squeeze was nigh. Short interest in Redbox (RDBX) reached 37.58% of the float as of the end of May, according to Morningstar. And the fundamentals of Redbox's deal to be acquired by CSSE have blown up a bit. Pursuant to the all-stock deal, Redbox stockholders will receive a fixed exchange ratio of 0.087 of a share of CSSE class A common stock per Redbox

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Redbox surges 23% in apparent short squeeze, outstripping acquisition price