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Shares of newly public EV developer Zapp (NASDAQ:ZAPP) fell for the second day, with the stock tumbling nearly 30% in midday trading.
Zapp shares recently changed hands at $5.77 at around 11:50 a.m. ET. The stock opened at $7.20, hitting an early high of $7.50 before slipping to a low of $5.77 in late morning.
Zapp went public on Monday following a merger with SPAC CIIG. Shares of the combined company ended their first session down 9% at $8.
Based in the UK, Zapp is a developer of high performance e-scooters and e-bikes. Zapp and CIIG announced plans to merge in November through a deal that estimated the enterprise value of the combined company at $573M.
Two other EV SPAC deals are also in the works. EV tech developer Zero Nox plans to merge with SPAC Good for Growth (GFGD) while EV battery developer Honeycomb is slated to merge with Nubia International (NUBI) through a deal that values the company at around $700M.
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