Hotel101 debuted as HBNB on Nasdaq, but it was met with a lack of interest from investors.
Hotel101 in the Philippines received approval last month for a merger between a JVSPAC and a company with a specific purpose. Individual investors fled as JVSPAC’s shares fell over 60% from $9.75 per share on June 24, to $3.50 just before the merger.
Hotel101 opened at $3.64, and closed at $3.28. This is a drop of nearly 10%.
The IPO Prospectus stated that the company would have a “deemed equity at closing” value of $2.3 billion if it had a $10 share price. Howev
