Forafric plunges in debut after merging with SPAC
10/06/2022 17:48
** Shares of African agricultural services company Forafric
AFRI.O plunge 11.6% to $8.37 in their market debut on Friday
** Co on Thursday closed its merger with special purpose
acquisition company Globis Acquisition Corp GLAQ.O
** Deal, announced in December https://www.accesswire.com/678507/Forafric-a-Leading-African-Agribusiness-to-Go-Public-in-SPAC-Deal-via-Globis-Acquisition-Corp,
valued the merged entity at $300 mln
** Debut comes on a day when U.S. equities have been roiled
by data that showed inflation spiked in May .N
** SPAC had raised $115 mln in its IPO in December 2020, but
83% of its shareholders decided to redeem their shares,
according to a regulatory filing
** The SPAC market has been facing tightening scrutiny from
U.S. regulators and lawmakers, which has torpedoed several deals
and led to high redemptions by SPAC shareholders
(Reporting by Niket Nishant in Bengaluru)
((Niket.Nishant@thomsonreuters.com;))