PS International Group Shares Plunge on First Day of Trading Post Merger

Dow Jones07-20

By Adam L. Cataldo

Shares of PS International Group tumbled in their inaugural day of trading following the completion of its business combination with a special purpose acquisition corporation.

The stock fell 58%, to $3.55 a share, late Friday.

PS International Group, a global logistics service provider, is based in Hong Kong and specializes in cross-border air freight services. The company completed a business combination on Thursday with AIB Acquisition Corp.

Last December, PSI Group Holdings said it had entered into a definitive business combination agreement with AIB. PSI Group at the time said the deal gave the company a total pre-money enterprise value of about $200 million.

Write to Adam L. Cataldo at adam.cataldo@wsj.com.

(END) Dow Jones Newswires

July 19, 2024 15:33 ET (19:33 GMT)

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