Why BlackSky Stock Just Blasted Off
Shares of recent special-purpose acquisition company (SPAC) IPO and NewSpace company BlackSky (NYSE: BKSY) are...behaving strangely today, first spiking more than 20%, then retracing to an 11.9% gain as of 3 p.m. EDT, after the company filed its post-merger Form S-1 registration statement with the Securities and Exchange Commission (SEC).
Now, if you've been watching the SPAC space for any length of time, you know that the filing of an S-1 statement is usually the cue for a stock sell-off. The announcement of a flood of shares coming on the market, potentially depressing the prices of shares already trading, often spooks investors. For some reason, though, that's not happening with BlackSky today.
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Source Fool.com
