Shares of the Sports Entertainment Acquisition Corp. (SEAH) stock were rising in the premarket today on December 3, 2021. SEAH stock price saw a push of 3.75% to reach $10.80 a share at the time of this writing. The stock was declining in the previous trade and went down by 0.86% at closing.
SEAH is the special purpose acquisition stock that is mainly focused on effecting a merger, asset acquisition, capital stock exchange, and business combination partnership with other similar companies. The stock has a market cap of $590.6 million and a 1,653,003 average trading volume.
What’s Happening?
SEAH stock has captivated the attention of the investors in the premarket trading, however, there is no press release or any announcement by the SEAH stock on today’s date. The stock is hot among investors in the social media platforms like Reddit, Stock Twits, etc. due to which it is getting hype in the premarket. Moreover, Benchmark has given the price target of $16 per share to this stock recently. Benchmark analyst Mike Hickey rated this stock “Buy” as he thinks that this stock has great potential to outperform in the future. In order to understand further about this stock, let’s discuss its recent events.
Recent Events Associated with SEAH stock:
In the mid of the previous month, SEAH stock signed the Business Combination Agreement with SGHC Limited. The latter is the parent company of the leading online sports betting and gaming business Betway. SGHC recently revealed that it has signed a multi-year partnership with the NHL’s New Jersey Devils. With this partnership, Betway is now working with 10 U.S Sports franchises.
Company on November 17, 2021, received the notice from the New York Stock Exchange. The notice indicated that the company did not meet the requirements of Section 303A.07(a) of the Listed Company Manual. SEAH stock had to have three independent board members of its audit committee within one year from the ending of its initial public offering. SEAH stock is in coordination with the NYSE regarding this matter. The NYSE has not delisted the stock so far however it has added the stock to the list of non-compliant issuers.
Conclusion:
SEAH stock is getting hype in the stock market as the social sentiment regarding this stock is positive so far. It would be interesting to see how long this trend will continue as no one can predict the exact behavior of the stock market. From an investment perspective, it is better to analyze the company’s fundamentals and future developments before putting money into it.
