Nvni Group (NASDAQ:NVNI) stock is falling on Wednesday after the company recently made its public debut following a special purpose acquisition company (SPAC) merger.
Shares of NVNI stock started trading on Tuesday after completing its SPAC merger with Mercato Partners Acquisition. This has Pierre Schurmann continuing to lead the combined company alongside a board of seven members.
Nvni Group is a company focused on acquiring other software-as-a-service (SaaS) business-to-business (B2B) companies in Brazil. The company intends to use the funds from the SPAC merger to fuel further transactions. It already has a portfolio made up of seven SaaS companies.
Pierre Schurmann, CEO of Nvni Group, provided the following update about the company’s business in 2023:
“So far this year, we are on target to reach our net operating revenue estimates of U$40 million in 2023. Further we have been able to improve efficiency and are on target to improve our adjusted EBITDA margin, from our original target of 17.3% to a new estimated target of 24.7%.”
NVNI Stock Movement
Unfortunately for investors, shares of NVNI stock haven’t had the best start since going public. That includes the company’s shares experiencing a 24.9% drop during its first day of trading yesterday. That negative movement looks poised to continue, with shares of NVNI stock falling another 8.4% as of Wednesday morning.
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We’re offering up all of the biggest stock stories that traders will want to read about on Wednesday! That includes everything happening with shares of Gain Therapeutics (NASDAQ:GANX) stock, Podcastone (NASDAQ:PODC) stock and Sonendo (NYSE:SONX) stock today. All of that news is ready to go at the links below!
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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.
