Rough Nasdaq start for Hotel101

Hotel101 Global Holdings Corp., a subsidiary of tycoons Edgar Sia II and Tony Tan Caktiong's Double-Dragon Corp., had a lackluster debut on the Nasdaq Stock Exchange, with its share price falling 70 percent at the close of its first day of trading.

- By JAMES A. LOYOLA

Hotel101, trading under the ticker symbol HBNB, ended the day at $3.28 per share, a nearly 70-percent drop from Friday's close, when it was still listed as JVSPAC Acquisition Corp.

Abacus Securities Corp. pointed out that, "There is still no official data on the number of shares outstanding for HBNB but according to Alnvest.com, it's 234.03 million, resulting in a market cap of $767.6 million or only about one-third the deemed equity value of $2.3 billion in previous press releases."

"Given that original shareholders of the SPAC owned 6.6 million shares prior to the merger, the attributable value of HBNB to DoubleDragon is $747.3 million or about P17.94 per share.