By Stephen Nakrosis
Shares of Near Intelligence, which debuted on the Nasdaq in March via a business combination with a special purpose acquisition company, were trading lower in Friday’s after-hours market, following news the company voluntarily filed for chapter 11 bankruptcy and will seek to sell its assets.
The company’s shares fell 25% to trade at 11 cents in after-hours trading. The stock finished the day’s regular session with a 5% loss, closing at 15 cents.
Kludein I Acquisition, a SPAC, entered into the business combination which took Near public. The combined company’s shares debuted on March 24 on the Nasdaq, and hit an all-time high of $18.65 that day, before closing with a 17% gain.
On Friday, Near said it obtained a multi-draw debtor-in-possession financing facility for up to $16 million from existing secured lenders affiliated with Blue Torch Finance LLC. Before filing for chapter 11, Near said, it entered a “stalking horse” asset purchase agreement with Blue Torch.
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