Shares of snack maker Utz Brands jump 16% in NYSE debut

This post was originally published on this site

The potato-chip maker on Friday completed its merger with Collier Creek Holdings, a so-called special purpose acquisition company (SPAC), a shell company that uses proceeds from an initial public offering (IPO) to buy a private company.

The stock opened at $18.95, up from Collier Creek’s last close of $16.34 on Friday. Collier Creek’s stock had already jumped on the back of the deal announcement in June.

Collier Creek had completed its IPO at $10 per share in 2018.

Utz reported an 11% jump in pro forma net sales to $242 million for the quarter ended June 28.

Add Comment