Shares of Ranpak Holdings Corp. (PACK) jumped over 28% on Wednesday morning after the paper and paperboard products company reached a transaction agreement with e-commerce giant Amazon.com Inc. (AMZN).
PACK is currently trading at $7.39, up $1.65 or 28.67%, on the Nasdaq. The stock opened its trading at $7.01 after closing Tuesday at $5.74. The stock has traded between $3.85 and $9.04 in the past 52-week period.
The deal, which includes the issuance of a warrant for Amazon to acquire up to 18,716,456 shares of Ranpak's common stock at an exercise price of $6.8308 per share, was disclosed in a recent SEC filing.
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