An extended session on Tuesday saw the trading platform Lion Group Holdings Ltd. (NASDAQ: LGHL) go up 19.51%. In the regular trading session, the stock price rose by 11.67% bringing it to $2.87 at the close. With no directly relevant news on the day, the price rise can be viewed in the context of recent developments.
What happened?
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In addition to its all-in-one platform, Lion Group provides investors with a wide range of products and services with a particular focus on Chinese investors. On its platform, Lion offers contract-for-difference (CFD) trading, securities brokerage, futures trading, and insurance brokerage using state-of-the-art technology.
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Applications on iOS, Android, Windows, and macOS are available to access the platform. Lion’s clients are well-educated and affluent Chinese individuals, mostly living in both the PRC and abroad, as well as institutional investors based in Hong Kong.
The Lion Group announced on Monday that it has signed letters of intent with Maxim Group LLC and Loeb & Loeb LLP to set up Aquarius I Acquisition Corp, the company’s second SPAC.
Earlier this month, Lion announced it has formed a SPAC, Skyline I Acquisition Corp. through its subsidiary Lion Wealth Management Limited. Constant Epoch Technology Development Limited and Ruoxi Ltd. have partnered on the venture.
For Lion, sponsorship of other SPACs will be a key part of its marketing strategy. By the end of 2021, it intends to sponsor at least one more SPAC. The Company intends to become a leader in the industry by creating a professional SPAC sponsorship team.