Carbon Revolution (NASDAQ:CREV) began trading Friday following the close of its combination with Twin Ridge and immediately some unusual things started happening.

The stock closed at $29.32 following a short inaugural trading session and is currently up about 585% to $199 as of this writing.

The first reason as to why is a familiar one. Twin Ridge finished with 99.2% redemptions leaving it with a float of just 50,783 shares not subject to lock-ups plus 1,500 shares paid to Yorkville Advisors as a fee in connection with a financing, which is small enough for canny traders to push the stock price quickly upwards.

But, two other twists in the structure of this deal have also factored in.

Carbon Revolution was already listed on the Australian Stock Exchange when this deal was struck. The fact that holders of the ASX-listed Carbon Revolutions shares would gain Nasdaq-listed shares of the combined company would seem to address any low float issues.

But, in the meantime, the parties had to contend with both the potential for traders to arbitrage the merger on both exchanges and also faced the scrutiny of regulators in both countries.

As a result, the duo initially struck the deal such that holders of Carbon Revolution’s ASX-listed stock receive would receive about 0.0064 combined company shares for each ASX share they held while Twin Ridge shareholders were to receive 0.10 combined company share per SPAC share they owned.

An Australian court then stepped in this fall, and the two sides were forced to revise this to a scheme that would see shareholders on both exchanges receive 1 combined company share for every 10 ASX or Twin Ridge shares they owned.

Though intended as a means of simplifying the share conversion, it has also had the effect of essentially forcing a stock split on all shares. At Twin Ridge’s final redemption rate of $10.73, that would essentially put its NAV at $107.30 per share.

It also in theory further shrank the immediately tradable shares from 50,783 to 5,078. That is of course until the 1,356,137 converted ASX shares arrive.

For now, however, it remains unclear how quickly that conversion can take place. There have been some reports and speculation on social media that there is a lack of brokerages based in Australia with the certification to effectuate the transfers for both exchanges and the full transfer could take months.

Either way, Carbon Revolution, which manufactures high-end carbon fiber wheels for consumer vehicles is getting a lot more vroom than they anticipated so far in their Nasdaq debut.