By Jeffrey T. Lewis
Mobiv Acquisition’s shares plunged 44% after the blank check company extended a deadline to complete an initial business combination by a month.
Shares reached $4.90 and were down 14% from the end of last year through Tuesday’s close.
The special purpose acquisition company was set up to carry out a merger or other business combination with a target business. The extension was the seventh of up to nine one-month permitted under Mobiv’s governing documents.
The previous extension, to Nov. 8 from Oct. 8, was announced Oct. 6. On that date the shares declined 4.7%.
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