Altimeter Growth Corp. (OTCMKTS:AGCUU – Get Free Report) shares dropped 12.5% during trading on Thursday. The stock traded as low as $11.87 and last traded at $11.87. 150,700 shares changed hands during trading, an increase of 51% from the average daily volume of 99,899 shares. The stock had previously closed at $13.56.
Altimeter Growth Stock Down 12.5%
The stock has a fifty day simple moving average of $11.87 and a 200 day simple moving average of $11.87.
Altimeter Growth Company Profile
Altimeter Growth Corp. was a special purpose acquisition company (SPAC) formed to identify and complete a business combination with a technology-focused company. As a blank-check company, it did not operate a standalone commercial business or offer products and services of its own before completing its transaction.
The company was sponsored by affiliates of Altimeter Capital, an investment firm founded by Brad Gerstner. Altimeter Growth focused on potential targets in sectors including internet, software, financial technology, and other technology-enabled industries, with an emphasis on businesses serving large or growing markets.
In December 2021, Altimeter Growth completed its business combination with Grab Holdings Inc, a Southeast Asian technology company providing ride-hailing, delivery, and digital financial services.
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