Grab’s SPAC Vehicle Altimeter Near Record Low After 28% Dive
- The dive follows world’s largest SPAC merger deal in April
- Ride-hailing giant would go public at $40 billion valuation
A driver with GrabFood, Grab Holdings Inc.'s online food-delivery platform, picks up orders at the company's kitchen in Jakarta.
Photographer: Dimas Ardian/BloombergThis article is for subscribers only.
Altimeter Growth Corp., the blank-check company merging with internet giant Grab Holdings Inc., is hovering just a few cents above its record low after cratering 28% since the deal was unveiled in April.
Altimeter closed Thursday at $11.06, just shy of its $10.98 historical trough. That selloff came after Southeast Asia’s most valuable startup announced a deal on April 14 with the special purpose acquisition company of Brad Gerstner’s Altimeter Capital Management to go public in the U.S. by July, in the largest-ever merger with a blank-check company.