Why Is Chenghe Acquisition (CHEA) Stock Up 20% Today?

Chenghe Acquisition (NASDAQ:CHEA) stock is climbing higher on Tuesday after announcing additional details about its planned special purpose acquisition company (SPAC) merger.Chenghe Acquisition is planning to combine with Semilux International, Semilux Ltd, and CayCo subsidiary Taiwan Color Optics. After that merger is complete, Chenghe Acquisition will exist as a subsidiary of CayCo and will change its name to Semilux Ltd.In connection with this SPAC merger, Chenghe Acquisition has reached a Forward Purcha ...