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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
