(Updated January 26, 2022, 11:15 a.m. ET)
Freightos, a digital freight marketplace that instantly connects ocean, air and truck carriers with shippers, was publicly listed on the Nasdaq exchange Thursday morning after combining with a blank-check company to raise $80 million, taking a route less traveled since the SPAC market fell out of favor.
Even during the pandemic boom, few alternative initial public offerings involved freight transportation companies. Last month, Turkey-based MNG Airlines also entered an agreement to be publicly traded on the New York Stock Exchange by combining with a special purpose acquisition company.
Freightos, which will be listed under the ticker CRGO, agreed last May to merge with shell company Gersher Acquisition Corp. The Securities and Exchange Commission recently completed its review of the deal, paving the way for the initial public offering.
Founder and CEO Zvi Schreiber highlighted the achievement by ringing the ceremonial opening bell on the Nasdaq trading floor.
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