Business
Shares of China-focused AGBA Group soar as high as 74% after SPAC merger
AGBA Group focuses on China (AGBA) shares jumped as much as 74% on Friday, four days after SPAC AGBA merged with financial services group TAG Holdings.
AGBA shares opened at $4.50, peaking at $7.83 at midday. Stock recently changed hands at $6.25 around 2:30 p.m. ET, up 38% from Thursday’s close of $4.50.
Companies announced complete merger on November 14th. Shares of the combined company went public on November 15th, closing at $5 a share. shareholders of AGBA approved the deal on 11 November.
TAG and AGBA announced plans to merge in November 2021, through an agreement to estimate the enterprise value of combined company at $555 million.