Newbury Street Acquisition Co. (NASDAQ:NBST – Get Free Report)’s stock price dropped 9% during mid-day trading on Tuesday. The company traded as low as $10.51 and last traded at $10.51. 5,235 shares traded hands during mid-day trading, an increase of 193% from the average daily volume of 1,784 shares. The stock had previously closed at $11.55.
Newbury Street Acquisition Stock Performance
The company has a 50-day moving average of $11.51 and a 200 day moving average of $11.21.
About Newbury Street Acquisition
Newbury Street Acquisition Corp. is a blank-check company, also known as a special purpose acquisition company (SPAC). The company was formed to identify and complete a business combination with an operating company.
Its potential transactions may include a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination. Unlike an operating company, Newbury Street Acquisition Corp. does not manufacture products or provide commercial services of its own.
The company’s activities are focused primarily on evaluating potential acquisition opportunities and completing a transaction that would allow a private business to become publicly traded.
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