Artificial intelligence startup Zapata Computing plunged as much as 54% in its debut after a merger with former IndyCar driver Michael Andretti’s blank-check firm brought the company public, despite the vast majority of public investors bailing on the deal.
Shares of Zapata AI, as the Boston-based company is known, slumped to $7.74 on Monday in early afternoon trading, 43% below its pre-merger closing price, Bloomberg reports. It is the company’s first day of trading on the Nasdaq after completing the deal with Andretti Acquisition.
Andretti shareholders approved the deal six weeks ago, although the merger closed just last week. The SPAC sustained total redemptions of about 99% since its IPO more than two years ago. Read more.
