Newly public Freightos (NASDAQ:CRGO) stock edged up 5% in late morning trading Friday after soaring as high as 205% following its market debut on Thursday.
Shares of the Israeli online freight platform opened at $14.78, reaching an early high of $15.08 before slipping to a low of $10.45 in late morning. The stock recently changed hands at $11, up 5% from Thursday’s close, at approximately 10:45 a.m. ET.
Freightos shares shot up as much as 205% on Thursday following the company’s merger with SPAC Gersher I Acquisition Corp. (GIAC). The stock closed at $10.49, up 3% from its pre-merger closing price of $10.23 on Wednesday.
Based in Jerusalem, Freightos operates an online booking and payments platform that connects importers/exporters with logistics providers, freight forwarders, airlines, ocean liners and trucking companies. Backers include Qatar Airlines, SGX Group, FedEx (FDX), M&G Investments, Composite Analysis Group, International Airlines Group’s IAG Cargo and LATAM Airlines.
Freightos announced plans to merge with Gersher I in May through a deal that pegged the enterprise value of the combined company at around $435M.
In January, the company announced that transactions on its platform jumped 154% year-over-year for Q4.