Sona Asset Management US LLC Purchases New Holdings in Indigo Acquisition Corp. $INAC

Sona Asset Management US LLC acquired a new position in Indigo Acquisition Corp. (NASDAQ:INAC) in the first quarter, Holdings Channel reports. The firm acquired 158,059 shares of the company’s stock, valued at approximately $1,611,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bulldog Investors LLP lifted its holdings in shares of Indigo Acquisition by 9.1% in the fourth quarter. Bulldog Investors LLP now owns 178,479 shares of the company’s stock valued at $1,790,000 after purchasing an additional 14,906 shares in the last quarter. Westchester Capital Management LLC purchased a new position in shares of Indigo Acquisition during the fourth quarter valued at $2,520,000. Evercore Wealth Management LLC purchased a new position in shares of Indigo Acquisition during the fourth quarter valued at $108,000. Heights Capital Management Inc. acquired a new position in Indigo Acquisition during the fourth quarter valued at $1,008,000. Finally, Rivernorth Capital Management LLC raised its position in Indigo Acquisition by 10.4% during the fourth quarter. Rivernorth Capital Management LLC now owns 343,701 shares of the company’s stock valued at $3,447,000 after buying an additional 32,426 shares during the period.

Indigo Acquisition Trading Down 0.0%

Shares of INAC opened at $10.28 on Monday. The company’s 50 day moving average is $10.24. Indigo Acquisition Corp. has a 52 week low of $9.92 and a 52 week high of $10.30.

Indigo Acquisition (NASDAQ:INAC) last released its earnings results on Wednesday, March 25th. The company reported $0.09 earnings per share (EPS) for the quarter.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Indigo Acquisition in a research note on Monday, June 29th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company presently has a consensus rating of “Sell”.

Indigo Acquisition Profile

Indigo Acquisition (NASDAQ: INAC) is a special purpose acquisition company (SPAC) formed to raise capital through a public offering and to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. As a blank-check vehicle, the company’s principal activity is identifying and evaluating acquisition targets rather than operating a traditional commercial enterprise. Funds raised in the offering are typically held in a trust account pending completion of a qualifying business combination.

Like other SPACs, Indigo Acquisition’s activities center on sourcing, negotiating and completing a strategic combination that can provide a private operating company with access to public markets.