Cheche Shares Soared Sixfold in Trading Debut but Crashed 20% in Extended Trading on Monday

Dow Jones2023-09-19

Shares of Cheche Group skyrocketed Monday after shares began trading following the completion of a business combination.

The stock closed at $75 a share, up nearly sixfold from its open price of $11.47, but it crashed 20% in extended trading.

Cheche, a Beijing-based auto insurance technology platform, and Prime Impact, a special-purpose acquisition company, completed their previously-agreed upon business combination Monday morning. The combined company is trading under the ticker CCG.

The combined company sold 1.8 million shares for $10 a share to investors.

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