Newly public Moolec Science (NASDAQ:MLEC) stock shot up 140% in afternoon trading Friday.
Shares of Moolec opened at $4.36, slipping to a low of $4.35 in early trading before climbing to a high of $14.34 in mid-afternoon. The stock recently changed hands at $13.05.
The agritech company went public through a merger with SPAC LightJump last week. The combined company’s stock fell 25% following its market debut on Tuesday to close at $9.10. The stock continued to lose ground on Wednesday and Thursday.
Based in the UK, Moolec uses molecular farming to create animal proteins in plants. Backers include agritech Bioceres Crop Solutions (BIOX), VC group Theo I SCSp and private equity firm Union Group.
LightJump and Moolec announced plans to merge in June, with the pro forma equity value of the combined company estimated at around $504M, assuming no redemptions.