In a just published Form 13, filed with the US Securities and Exchange Commission (SEC), Electrum Special Acquisition Corp (NASDAQ:ELEC) reported that Weiss Asset Management has picked up 2,076,897 of common stock as of 2017-06-02.
The acquisition brings the aggregate amount owned by Weiss Asset Management to a total of 2,076,897 representing less than 8.31% stake in the company.
For those not familiar with the company, Electrum Special Acquisition Corporation is a blank check company. The Company will seek to capitalize on the global network, and seeks to identify, acquire and operate one or more businesses or assets in the metals and mining industry within or outside of the United States, although the Company may pursue a business combination outside of this industry. The Company’s focus of identifying a target business will not be limited to a particular industry or geographic region, although the Company intends to focus its search on target businesses and assets in the metals and mining industry, with a focus on gold and other precious metals. It has no operations. As of November 30, 2016, the Company had not generated any revenues.
A glance at Electrum Special Acquisition Corp. (NASDAQ:ELEC)’s key stats reveals a current market capitalization of 248.76 Million based on 25.00 Million shares outstanding and a price at last close of $10.00 per share.
Looking at insider activity, there are a few transactions worth noting.
Specifically, on 2015-06-10, Esac picked up 45,994 at a purchase price of $0.01. This brings their total holding to 3,920,109 as of the date of the filing.
On the sell side, the most recent transaction saw Anderson unload 45,994 shares at a sale price of $0.01. This brings their total holding to 300,391.
It’s possible to gauge a company’s potential by tracking the activity of its major holders, as well as checking in on insider activity such as those transactions listed above. We’ll be keeping an eye on Electrum Special Acquisition Corp. (NASDAQ:ELEC) as things move forward to see if its progress aligns with these transactions.
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