LCID - SRNG DNA: 14 Things to Know About Ginkgo Bioworks and the Soaring Eagle SPAC Merger
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Ginkgo Bioworks (NYSE:DNA) stock is set to start trading today as the company completes its merger with special purpose acquisition company (SPAC) Soaring Eagle (NASDAQ:SRNG).
Let’s take a look at everything investors need to know about DNA stock and the SPAC merger.
- To start off with, the SPAC merger will result in SRNG stock changing to the new DNA stock ticker.
- This will also see it shift from the Nasdaq Exchange over to the New York Stock Exchange.
- The SPAC merger was approved on Tuesday with the new shares set to start trading today.
- Ginkgo Bioworks will exit the SPAC merger with $1.6 billion in total proceeds.
- It also sets a value of $16 billion for the company.
- Ginkgo Bioworks is a biotech company working on a method to allowing cell programming.
- The company’s goal is to made cell programming as easy to perform as computer programming.
- It was founded in 2008 and operates out of Boston, Mass.
- Soaring Eagle is a SPAC founded by Harry E. Sloan, Jeff Sagansky, and Eli Baker.
- It was created with the goal of finding a suitable merger partner to take public.
- The SPAC merger has Ginkgo Bioworks maintaining its current management team.
- However, there are changes for its Board of Directors.
- That includes Soaring Eagle CEO Harry Sloan joining the company’s Board.
- Several other individuals are also taking seats on the combined company’s updated Board of Directors.
SRNG stock was up 10.2% as of Friday morning.
There’s more stock market news for investors to jump into below!
We’ve got the latest stock market coverage that traders need to know about today. That includes news affecting SmileDirectClub (NASDAQ:SDC), why shares of Lucid (NASDAQ:LCID) are on the rise, as well as this morning’s pre-market stock movers. You can learn all about these matters at the links below!
More Friday Stock Market News
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- LCID Stock: What Lucid Motors Investors Are Saying Today Following the Big EPA Range Rating News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Friday
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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