Shares of Hotel101 Global Holdings Corp. plunged by 70 percent in the stock’s Nasdaq trading debut on July 1, closing at $3.28.
The share price was $10.70 when it was still listed as JVSPAC Acquisition Corp. prior to its merger with a US-based special purpose acquisition company.
Hotel101, a unit of Philippine-listed DoubleDragon Corp., is an asset-light, prop-tech hospitality platform designed for global rollout. The company develops and operates the Hotel101 brand internationally, aiming to standardize room offerings across key urban and tourism hubs.
The firm began trading under the ticker symbol HBNB on Wednesday (Manila time), following the completion of its merger with US-based special purpose acquisition company (SPAC) JVSPAC. It is the first Filipino-owned company to list directly on the Nasdaq through a SPAC merger.
Ahead of its debut, Hotel101 announced a deemed equity value of $2.3 billion as part of the listing process.
However, in a note to investors on Wednesday, Abacus Securities Corp. said there is still no official data confirming the number of Hotel101 shares outstanding on Nasdaq.
Citing initial figures from AI-based investing platform Alnvest.com, Abacus estimated Hotel101’s outstanding shares at 234.03 million, which would imply a market capitalization of about $767.6 million based on its closing price — just about one-third of the company’s earlier declared value.
“Given that original shareholders of the SPAC owned 6.6 million shares prior to the merger, the attributable value of HBNB to DoubleDragon is approximately $747.3 million, or about P17.94 per share,” Abacus said.
“This is 40 percent higher than DoubleDragon’s current share price, but still far below what was previously implied. As such, it is unlikely to serve as a near-term catalyst for the stock,” the brokerage added.
