Grab's share price slide a reminder of risks in any de-SPAC
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SOUTH-EAST Asia ride hailing and delivery services provider Grab made its trading debut on the Nasdaq last week via a merger with Altimeter Growth Corp, the largest special purpose acquisition company (SPAC) transaction to date.
The much-anticipated listing of one of the most valuable regional startups was met with initial exuberance from investors as trading began, but the shares closed at US$8.75 on the first day of trading, down 20.5 per cent from the US$11.01 closing price a day earlier when it was trading as Altimeter.
The SPAC had closed as high as US$17.06 just 3 weeks before the merger with Grab, and the counter had never gone below the crucial US$10 threshold since its initial public offering (IPO).
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