Chenghe Acquisition Co. (NASDAQ:CHEA) shares are trading higher Monday after shareholders on Friday voted to approve the merger agreement with Taiwan Color Optics, Inc.

The Details:

According to an SEC filing, Chenghe shareholders voted to approve the business combination with Taiwan Color Optics, Inc. dated July 21, 2023. Chenghe being the surviving company and will change its name to "Semilux Ltd."

Chenghe shares are moving on heavy trading volume Monday with more than 6.76 million shares already traded in the session. According to data from Benzinga Pro, the stock’s 100-day average volume is less than 122,000 shares.

Chenghe Acquisition Co. is a newly incorporated, Cayman Islands-based, blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.

CHEA Price Action: According to Benzinga Pro, Chenge Acquisition shares are up 50% at $8.03 at the time of publication.

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Why Chenghe Acquisition Stock Is Racing Higher