Crown LNG (NASDAQ:CGBS) stock is rising higher on Friday after the liquid natural gas (LNG) liquefaction and regasification terminal technologies company made its public debut earlier this week.
That happened on Tuesday after Crown LNG combined with Catcha Investment. Catcha Investment was the public company before the merger. This saw its shares change to the current CGBS stock ticker. That also includes warrants trading under the CGBSW ticker.
Crown LNG and Catcha Investment merged following approval from their board of directors. The combination also had support from Crown LNG shareholders shown during a general meeting in June.
Swapan Kataria, CEO of Crown LNG, said the following about the combination:
“We are incredibly proud to complete this transaction and become a U.S. listed public company. This transformative step enables the next phase of growth at Crown, and the capital raised in this transaction will further strengthen our ability to execute on our diversified project pipeline in India, the UK, Vietnam, Canada, and other global markets.”
CGBS Stock Market Movement Today
Crown LNG shares are on the move Friday, with more than 6.8 million units changing hands as of this writing. To put that in perspective, the company’s daily average trading volume is about 1 million shares.
CGBS stock is up 65.1% as of Friday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
