In a statement, the AIM-listed firm said it has been notified that Gustafson purchased 750,000 shares in the company on May 2 and a further 1,25mln shares on May 4, with both transactions made at a price of 0.3p per share.
The leisure and entertainment investment group said that following these purchases, Gustafson now holds a total of 4.15mln shares in Challenger Acquisitions representing 1.8% of the total issued share capital of the company.
In early trading, Challenger Acquisitions was the London market’s biggest gainer, up 11.9% to 0.38p.
At the end of April, Challenger Acquisitions said it has refocused its efforts on observation wheel projects in both Texas and New York as the company announced it had streamlined its corporate profile in full-year results.
The company said most of the main components for its New York Wheel Project were now complete, with the components for the four 275-foot legs being stored in Brooklyn ready to be assembled on site.