CIIG Merger Corp. (OTCMKTS:CIICU – Get Free Report) shares dropped 5.1% on Wednesday. The company traded as low as $26.00 and last traded at $27.99. 5,100 shares traded hands during trading, a decline of 40% from the average session volume of 8,511 shares. The stock had previously closed at $29.49.
CIIG Merger Stock Performance
The business’s 50 day moving average price is $27.99 and its two-hundred day moving average price is $27.99.
About CIIG Merger
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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