Shares in SpartanNash Co. soared today following a filing to federal securities regulators about a “commercial agreement” with e-commerce giant Amazon.com Inc.
The filing to the U.S. Securities and Exchange Commission outlined terms of stock warrants under which NV Investment Holdings LLC, a subsidiary of Amazon, could acquire up to 5.4 million shares of SpartanNash common shares, or 15.7 percent of outstanding shares.
Amazon has a right to purchase SpartanNash shares through the stock warrants at a price of more than $17.72 per share until Oct. 7, 2027, according to the SEC filing.
If Amazon (Nasdaq: AMZN) purchases all of the shares it can, the company would become the largest shareholder in the Byron Center-based SpartanNash (Nasdaq: SPTN). The filing sent SpartanNash shares up by more than 28 percent as of mid afternoon, with trading at more than 13 times the normal daily volume.
Source: SpartanNash shares soar after offering stake to e-commerce giant Amazon