Shares of Ridgecrest PLC (LON: RDGC) formerly known as Nakama Group rose 25% today as investors embraced its new business strategy following its reorganization as a shell company.
Ridgecrest was formerly known as the Nakama Group, a recruitment services company before selling its four operating businesses to Sanderson Group on 29 December 2020, and rebranding to a cash shell.
The company announced that it had raised over £2 million via share placement on 20 January 2021, which it plans to use to make acquisitions within the next six months to fulfil the requirements of its listing on the AIM.
Ridgecrest also announced a few executive changes, including Timothy Sheffield's resignation, a Non-Executive Director, and the appointment of Philip Holt and James Norman as non-executive directors.
We’ll be monitoring the company over the coming months as we look forward to its new acquisitions.
Investors looking to establish new positions in the company may be best served to wait for a pullback, given the company’s stock price's extended nature.*
*This is not investment advice.
Ridgecrest share price
Ridgecrest shares rose 25.17% to trade at 3.58p having risen from Friday’s closing price of 2.86p.