CIIG Merger Corp. (OTCMKTS:CIICU – Get Free Report)’s stock price fell 5.1% on Wednesday. The stock traded as low as $26.00 and last traded at $27.99. 5,100 shares traded hands during trading, a decline of 40% from the average daily volume of 8,511 shares. The stock had previously closed at $29.49.
CIIG Merger Price Performance
The stock’s 50-day simple moving average is $27.99 and its two-hundred day simple moving average is $27.99.
CIIG Merger Company Profile
CIIG Merger Corp. was a special purpose acquisition company (SPAC) formed to identify and combine with an operating business. Unlike an operating company, CIIG did not manufacture products or provide ongoing commercial services of its own; its principal activity was raising capital through a public offering and seeking a suitable merger partner.
CIIG announced an agreement to combine with Arrival, a company developing electric commercial vehicles and related production technologies. The transaction was completed in 2021, after which the combined company operated as Arrival and its securities began trading under Arrival-related symbols.
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