890 Fifth Avenue Partners, Inc. (ENFA), a principal investment firm, has surged 12.01% in the premarket trading session. Consequently, ENFA is trading at $11.10 at the time of the writing. The surge could be attributed to the approval of a business combination with BuzzFeed Inc. On Thursday, ENFA closed the day at $9.91 after a nominal decrease of 0.90% during the mid-day session.

Why ENFA Surging?

On Thursday, ENFA announced that its stockholders had approved the proposals that were conditioned to the closing of the previously announced business combination with BuzzFeed. The approval was done at a special shareholders meeting which took place on Thursday. The business combination closure was expected to occur on 3rd December and was subject to satisfaction of all the closing conditions.

Q2 2021 Operational Results

On 16th August, ENFA released the operational results for the second quarter of the fiscal year 2021. The quarter ended on June 30th, 2021. The company suffered a loss of $0.73 million from the operations during the quarter against $2.12 million for the same period of 2020. The net loss suffered by the company during the three months was $4.3 million against $3.2 million for the same period of 2020. The basic and diluted loss per share for the period was $0.46 against $0.36 for the same period of 2020.

Executive Commentary

Michael Del Nin, Chief Financial Officer of ENFA, while commenting on the results said that the company performed exceptionally during the quarter despite facing numerous obstacles throughout the year. However, he believed that there is still more room for improvement in the performance of the company during the upcoming quarters.

Future Outlook for ENFA

The last few months have proven to be a stabilizing time for ENFA stock. The stock neither rose to extreme nor having fallen to great depths. With the threat of mutated forms of the pandemic on the rise, the stock could face uncertain times in the coming days and months.