Gen Z-focused hotel operator Selina Hospitality (NASDAQ:SLNA) saw its stock plunged 63% Friday, the day after it soared as high as 442% following its merger with SPAC BOA Acquisition Corp.
Selina shares opened at $36.97, hitting a high of $40.84 in early trading and a low of $14.82 in late afternoon. The stock closed at $15.09.
On Thursday, Selina shares rocketed as high as $49.49, up 442% from their pre-merger price. They ended their first session at $40.90, up 348% from Wednesday’s close of $9.13, the last trading session before the merger closed.
BOA announced on Monday that its shareholders had approved the merger, which had estimated the equity value of the combined company at around $1.2B.
Selina and BOA announced plans to merge in December 2021, forecasting that Selina would generate revenue of $1.2B by 2025
“I definitely expect Selina to continue the growth we experienced in the last few years,” said Rafael Museri, co-founder and Chief Executive Officer of Selina, in a Zoom interview with Seeking Alpha on Thursday.
Selina secured $147.5M in convertible note financing ahead of the merger in April.