Chenghe Acquisition III (NASDAQ:CHECW) Shares Down 8% – Here’s Why

Chenghe Acquisition III Co. (NASDAQ:CHECW) fell 8% during trading on Thursday . The company traded as low as $0.23 and last traded at $0.23. 17,500 shares changed hands during mid-day trading, an increase of 65% from the average session volume of 10,631 shares. The stock had previously closed at $0.25.

Chenghe Acquisition III Price Performance

About Chenghe Acquisition III

Chenghe Acquisition III (NASDAQ: CHECW) is a special purpose acquisition company (SPAC) listed on the Nasdaq stock exchange. As a blank-check acquisition vehicle, its primary corporate purpose is to identify, negotiate and complete a business combination with one or more target companies. Like other SPACs, it raises capital in the public markets and holds the proceeds in trust while its management team evaluates potential acquisition opportunities.

The company’s activities typically focus on sourcing and structuring a merger, share exchange, asset acquisition or other business combination that will result in a public operating company.