Why Landcadia's Stock Is Trading Higher Today

Landcadia Holdings II LCA shares were trading higher Monday after the company acquired Golden Nugget Online Gaming.

Golden Nugget Online Gaming will become only the second pure publicly traded online casino company in the U.S. The transaction is expected to close in the third quarter of this year.

Upon closing, Landcadia II will change its name to Golden Nugget Online Gaming, Inc. and its Nasdaq trading symbol to "GNOG."

"GNOG is one of the best positioned companies to capitalize on this massive online gaming opportunity in the US," said Rich Handler, Co-Chairman of Landcadia II and CEO of Jefferies LLC.

Landcadia Holdings II Inc is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

Landcadia Holdings II shares were trading up 32.74% to $13.38 at the time of publication Monday. The stock has a 52-week high of $15.72 and a 52-week low of $8.82.