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The potato-chip maker on Friday completed its merger with Collier Creek Holdings, a so-called special purpose acquisition company (SPAC), a shell company that uses proceeds from an initial public offering (IPO) to buy a private company.
The stock opened at $18.95, up from Collier Creek’s last close of $16.34 on Friday. Collier Creek’s stock had already jumped on the back of the deal announcement in June.
Collier Creek had completed its IPO at $10 per share in 2018.
Utz reported an 11% jump in pro forma net sales to $242 million for the quarter ended June 28.
