search icon
      blog search icon

      Approved SPAC Deal: Altimeter Growth Corp. (AGC) Surges in the After hours - Stocks Telegraph

      By Gule Rukhsar

      Published on

      December 1, 2021

      5:35 AM UTC

      Approved SPAC Deal: Altimeter Growth Corp. (AGC) Surges in the After hours - Stocks Telegraph

      Altimeter Growth Corp. (AGC) gained 7.31% at $13.65 with 386.73 thousand shares exchanging in the aftermarket on November 30. While in the previous market session, the stock lost 5.78% to close at $12.72 at a volume of 3.82 million. During the day, the stock moved between a range of $12.66 and $14.10. While in the 52-week range, the stock saw a high of $18.11 and a low of $10.04 at an average 65-day volume of 3.54 million. The AGC stock has lost 7.42% in the past five days, while it gained 18.33% in the last three months. Further, the stock has gone down by 1.09% year to date. The market capital of the stock is $843.75 million with 50 million shares outstanding.

      The stock has currently entered green after the company announced the approval of its business combination with Grab.

      Altimeter Growth Corp. (AGC)

      Altimeter Growth Corp. is a blank-check company incorporated as a Cayman Islands exempted company. The company does not have significant operations. AGC was incorporated to consummate the merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more entities.

      Founded in 2020, Altimeter Growth Corp. is headquartered in Menlo Park, California, U.S.A.

      AGC: Approved Business Combination

      On November 30, AGC announced that during a special meeting of shareholders, the business combination with Grab which was previously announced has been approved. The deal is expected to close on December 1, 2021, as announced previously. After the closure of the transaction, Grab’s Class A common stock will trade on Nasdaq with the ticker symbol “GRAB”. It is expected to begin trading on December 2, 2021.

      Super app Grab

      Grab is GMV based, Southeast Asia’s leading super-app for segments including food deliveries, mobility, and e-wallets of financial services. It was founded in 2012 with the idea to create economic empowerment for everyone and drive Southeast Asia forward. Grab currently is operating in more than 400 cities in eight countries of Southeast Asia with millions of downloads.

      Grab’s Financial Highlights

      On November 11, Grab Holdings Inc. announced its financial results for the third quarter of 2021. As per the report, the company saw a 32% increase in GMV, amounting to $4.0 billion. While Deliveries GMV saw an increase of 63% year-over-year, the mobility GMV went down by 30% due to lockdowns.

      Moreover, the company had revenue of $157 million in the third quarter of 2021. Revenue decreased by 9% year-over-year due to mobility decline and lockdowns.

      The company had cash liquidity of $5.2 billion as of September 30, 2021.

      More From Stocks telegraph