Grab Plunges 21% After Altimeter Deal Caps Biggest SPAC Merger
- Shares plummet in the first day of trading in New York
- Startup’s business model is similar to that of Uber’s
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Grab Holdings Ltd., Southeast Asia’s biggest ride-hailing and delivery company, fell sharply in its first day of trading after completing its merger with Altimeter Growth Corp., the largest deal yet for a special purpose acquisition company.
The shares slid 21% to $8.67 at 1:30 p.m. in New York.