Shares of mobility technology company NWTN Inc. lost more than half their value Monday, as the company’s stock debuted on the Nasdaq.
At 12:11 p.m. ET, the stock had fallen 59.59% to trade at $2.95 per share. Shares opened at $5.81 each.
NWTN was taken public in a deal with special purpose acquisition company East Stone Acquisition Corp. The shareholders of the companies approved the previously announced business transaction on Nov. 10 and the deal was completed on Nov. 11, NWTN said.
The company received gross proceeds of $400 million in PIPE investment from institutional investors and strategic partners, it said.
Trading in the company’s shares had been paused several times on Monday due to volatility.
NWTN said it is a “pioneering green technology company with a mission to bring premium passenger-centric mobility and green energy solutions to the world.”