Australia's Carbon Revolution plunges after $200 mln merger with U.S.-based SPAC

Carbon Revolution

30/11/2022 03:26

** Carbon fiber wheel maker Carbon Revolution Ltd  CBR.AX 
plunges as much as 34.2% to A$0.25, its biggest intraday pct
drop since March 18, 2020
    ** CBR reverses gains from earlier in the day, when it
gained as much as 44.7% to touch their highest level since May
11
    ** Says entered deal to merge with U.S.-based SPAC Twin
Ridge Capital Acquisition Corp  TRCA.N ; enterprise valuation of
CBR is $200 mln
    ** CBR shareholders to receive aggregate around 19.7 mln
shares in the merged entity 
    ** CBR at its lowest level since Oct. 31; more than 3.1 mln
shares change hands, vs the 30-day average of 613,500 shares 
    ** CBR down 63% this year, as of last close
 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))