CIIG Merger Corp. (OTCMKTS:CIICU – Get Free Report)’s stock price was down 5.1% during trading on Wednesday. The company traded as low as $26.00 and last traded at $27.99. 5,100 shares changed hands during mid-day trading, a decline of 40% from the average daily volume of 8,511 shares. The stock had previously closed at $29.49.
CIIG Merger Stock Down 5.1%
The stock has a fifty day moving average price of $27.99 and a 200 day moving average price of $27.99.
CIIG Merger Company Profile
CIIG Merger Corp. was a special purpose acquisition company (SPAC) formed to identify and complete a business combination with an operating company. As a blank-check company, it did not conduct significant commercial operations or offer products and services of its own before completing its transaction.
CIIG Merger announced an agreement to combine with Arrival, a technology company focused on electric commercial vehicles and related mobility solutions. Arrival developed electric vans and buses, along with proprietary vehicle platforms and localized production methods intended to support deployment in international markets.
The business combination closed in 2021, after which the combined company operated under the Arrival name and its securities began trading under Arrival-related symbols.
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