Powerlaw Corp. (NASDAQ:PWRL) shares jumped 13.64% to $25 in the pre-market session on Friday.
The surge in the pre-market hours follows a previous day gain of 13.99%, which closed the stock of the California-based closed-end management investment company at $22, according to Benzinga Pro data.
SpaceX Stake Fuels The Move
The rally came as PWRL’s move is directly tied to SpaceX‘s historic Nasdaq debut on Friday. Powerlaw last week announced its SpaceX stake carried a fair value of approximately $117.0 million, roughly 19.37% of net assets, making it the fund’s single largest position.
Sector-Wide Lift
