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Newly public SunCar Technology (NASDAQ:SDA) stock sank 27% in morning trading following the Chinese auto insurance and services provider’s merger with SPAC Goldenbridge (GBRG).
Shares of SunCar recently changed hands at $4.50 at approximately 11:15 a.m. ET. The stock opened at $4.98, hitting an early high of $6.59 below sliding to a low of $4.22. Shares of Goldenbridge closed at $6.11 on Wednesday, according to Yahoo Finance data.
SunCar and Goldenbridge completed their merger on Wednesday.
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