Shares of China-based Newborn Acquisition Corp. (NBAC), a publicly traded special purpose acquisition company, are falling almost 24 percent or $5.31 in Friday's morning trade at $16.96 despite no company-centric news.
On November 12, green energy technology company Nuvve Corp. and Newborn Acquisition said they signed a definitive merger agreement to take Nuvve public. The transaction is valued at about $102 million.
The business combination will close in the first quarter of 2021. Upon closing, the combined company will be named Nuvve Holding Corp. and is expected to remain listed on Nasdaq under the ticker symbol "NVVE".
Newborn Acquisition has traded in a range of $9.70 to $22.74 in the past 52 weeks.
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