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Benzinga
Benzinga
Business
Adam Eckert

UNBELIEVABLE: Why allego shares are surging | History Defined

NYSE SPAC Spartan

Allego NV (NYSE:ALLG) shares are trading significantly higher Wednesday after the company announced the completion of its SPAC merger agreement with Spartan Acquisition Corp, which resulted in 98% of the company notes being redeemed at the merger vote.

More than 54 million shares of Spartan common stock were redeemed and converted into the right to receive a pro rata portion of the funds in the acquisition company's trust account in cash. As a result, the company will pull about $540 million from its trust to pay redeeming shareholders.

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