Auddia Inc. (NASDAQ:AUUD) stock is trading lower on Tuesday, retreating from a rally of over 90% that began late last week.
For context, Nasdaq futures are down 0.59% while S&P 500 futures have shed 0.33%.
Traders Take Profits After Massive Surge
The Tuesday decline stems primarily from profit-taking as retail traders are locking in gains after a massive spike.
The recent surge followed news of the company’s S-4 merger filing. New artificial intelligence infrastructure benchmarks also fueled the initial momentum.
S-4 Merger Details Fuel Prior Momentum
Auddia filed an S-4 registration statement with the United States Securities and Exchange Commission on Friday, about the merger agreement that dates back to Feb. 17.
The filing ties to its planned merger with Thramann Holdings LLC, where the combined company will rebrand as McCarthy Finney. It plans to trade under the Nasdaq ticker MCFN.
Full story available on Benzinga.com
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