Shares of Allego (NYSE:ALLG) are up more than 150% in late Wednesday trading just a few days after the electric vehicle (EV) charging solutions provider completed a business combination with the special purpose acquisition company (SPAC) Spartan Acquisition Corp.
"We look forward to closing our business combination with Allego tomorrow and are very pleased to bring them public on the New York Stock Exchange to continue advancing EV charging across Europe," said Geoffrey Strong, CEO of Spartan.
While there's no specific fundamental reason that would explain today's move higher, Allego stock has been regularly cited on social media websites Twitter and Stocktwits in recent days. The stock was halted four times on volatility over the course of Wednesday trading, and has continued to push towards new highs throughout trading.
Twitter data traffic shows that Allego stock has seen a surge in volume, alongside Society Pass (NASDAQ:SOPA) and Koss (NASDAQ:KOSS).
Today's move comes after meme stocks surged higher yesterday, led by GameStop (NYSE:GME) and AMC (NYSE:AMC).
By Senad Karaahmetovic
(Article posted at 11:02 am ET, updated at 2:44 pm ET).