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Newly public Akili (NASDAQ:AKLI) stock dropped 18% in afternoon trading Tuesday, the day after the medtech company went public through a merger with SPAC Social Capital Suvretta Holdings Corp. I (DNAA).
Shares of Akili opened at $6.40, hitting a high of $7.29 in early trading before sliding to a low of $5.57 in mid-morning. The stock recently changed hands at $5.87 at approximately 3:45 p.m. ET.
Akili shares finished their first session on Monday at $7.15 after hitting a high of $37.58. Suvretta shares closed at $14.07 on Friday, the last session before the merger’s closing was announced.
Akili is a developer of video game-based treatments for cognitive disorders. The company went public after market close last Friday through a merger with Chamath Palihapitiya’s Suvretta that pegged the equity value of the combined company at around $1B.
Suvretta was co-founded by Palihapitiya and Kishen Mehta. The SPAC held its initial public offering in February 2021, raising $220M.
Image and article originally from seekingalpha.com. Read the original article here.