The merged companies are expected to begin trading as Alkili Inc. on Monday with the ticker symbol of AKLI.
That post sent the SPAC's stock soaring by more than 60% to all-time highs, peaking at $17.44 at one point. The shares had traded around $10 ever since it raised $220 million in a June 2021 initial public offering. SPACs raise money in IPOs with the hopes of taking a private company public in a reverse merger, like Social Capital Suvretta is doing with Alkili. But their investors have the option of getting a refund before the merger is completed. The average rate of such redemptions this year has been more than 75%.when it merged last month
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