Estrella Immunopharma shares fell 59% to $3.79 in their first day with a new name and symbol after the combination of Estrella Biopharma and blank-check company TradeUP Acquisition.
As the merger completion approached, TradeUp shares had several large moves and volatility pauses. For example, the stock closed at $21.25 on Sept. 1 after ending the previous day at $7.30.
The deal close was announced Friday morning. Shares fell 6% Friday.
Estrella is developing T-cell therapies for blood cancers and solid tumors.