Israeli online freight platform Freightos (OTC:CRGO) shares soared as high as 205% Thursday following their market debut via a merger with SPAC Gersher I Acquisition Corp. (GIAC).
Shares of Freightos opened at $31.11, hitting an early high of $31.15 before sliding to a low of $13.44 mid-afternoon. The stock recently changed hands at $14 at around around 2:20 p.m. ET. It closed at $10.23 on Wednesday.
Based in Jerusalem, Freightos operates an online booking and payments platform that connects importers/exporters with logistics providers, freight forwarders, airlines, ocean liners and trucking companies. Backers include Qatar Airlines, SGX Group, FedEx (FDX), M&G Investments, Composite Analysis Group, International Airlines Group’s IAG Cargo and LATAM Airlines.
Freightos announced the merger’s closing on Wednesday. The deal was first announced last May, with the combined company estimated to have a pro forma enterprise value of around $435M.