Seize Holdings Ltd. ’s shares misplaced greater than one-fifth of their worth on their first day of buying and selling in New York, a blow to the Southeast Asian ride-hailing and supply big after its record-breaking merger with a special-purpose acquisition firm.
Shares fell 21% to $8.75, giving Seize a market capitalization of roughly $34.6 billion. The Singapore-based firm in April agreed to mix with the SPAC Altimeter Progress Corp. in a deal that valued it at near $40 billion, setting a high-water mark for transactions involving blank-check corporations, which increase cash with the aim of looking for a goal to merge with and take public.
