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Why SpartanNash Soared 30% Today

TheMotleyFool

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Why SpartanNash Soared 30% TodayPhoto, wide shot, wide-angle lens, Grocery store, Midday, harsh overhead sunlight, directional sunlightt, photo by Thomas Heaton: https://img.midjourneyapi.xyz/temp/9a6c3fc6-53ff-4c6e-848b-263660ac3eb0.png

Shares in SpartanNash (NASDAQ: SPTN) are up more than 30% as of 11:15 a.m. EDT Friday.

While the food distributor and retailer's business has been strong throughout the COVID-19 pandemic, news of a commercial agreement to issue a warrant for common stock to Amazon (NASDAQ: AMZN) has generated excitement today.

In an SEC filing, the company disclosed that under the agreement with Amazon, SpartanNash has issued a warrant to purchase up to 5.4 million shares in the company. The warrant has been issued specifically to Amazon.com NV Investment Holdings LLC, a subsidiary of Amazon.

Source Fool.com

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