Gigcapital8 (NASDAQ:GIWWR) Stock Price Down 11.1% – Here’s Why

Gigcapital8 Corp. (NASDAQ:GIWWR) shares fell 11.1% during trading on Thursday . The stock traded as low as $0.2293 and last traded at $0.2666. 2,801 shares were traded during mid-day trading, a decline of 91% from the average session volume of 31,665 shares. The stock had previously closed at $0.30.

Gigcapital8 Trading Down 11.1%

The stock’s fifty day simple moving average is $0.28 and its 200-day simple moving average is $0.30.

Gigcapital8 Company Profile

GigCapital8 (NASDAQ: GIWWR) is a special purpose acquisition company (SPAC) formed to raise capital through an initial public offering and to effect a merger, capital stock exchange, asset acquisition or other business combination with one or more businesses. As a blank‑check vehicle, GigCapital8 does not operate an ongoing commercial business prior to completing a qualifying business combination; its principal activity is identifying and negotiating a combination with a target company that will permit the combined entity to become publicly listed.

Like other SPACs, GigCapital8 holds the proceeds of its offering in a trust account invested in cash and cash equivalents or short‑term government instruments until a business combination is completed or the trust is liquidated.