Redbox stock skyrockets amid acquisition short squeeze speculation

Redbox shares are surging amid speculation of a continued short squeeze after the company agreed to be acquired by Chicken Soup for the Soul Entertainment.

Video Transcript

JARED BLIKRE: But I want to talk about Redbox because that stock-- another meme stock-- up 83% today. And well, let me put it this way. It was not a meme stock back in the day. But I'm just going to call it a meme stock, even if it's not OG here. Going back to its inception, we can just see what's happening. Now, this is a company. I still see them. There used to be one in the Financial District, close to the New York Stock Exchange. I don't know how this company stays in business, but it's a novel idea. I thought I could talk about fundamentals here, but there's no fundamentals.

DAVE BRIGGS: It is without a doubt a meme stock because when I saw you picked that, I've been digging all day, looking for a reason for that rally. There is none. I'm with you. Every time I leave the grocery store, I'm stunned these things still exist. When was the last time you checked out a DVD--

JARED BLIKRE: A decade.

DAVE BRIGGS: --from Redbox? Yeah, I would say about the same. I think they've got an August 9 shareholder vote whether or not they agree to be acquired by Chicken Soup for the Soul Entertainment. So that really is the only thing to watch with this meme stock. Happy to miss out--

JARED BLIKRE: Marriage made in heaven.

DAVE BRIGGS: Yes, it is, indeed, and I'm happy to miss out on this rally.