International hospitality company Selina Hospitality plc (Nasdaq: SLNA), which was founded in 2015 by Israeli entrepreneurs Rafael Museri and Daniel Rudasevski, has seen its share price jump 319.5% on its first day of trading on Wall Street.
Selina completed its merger with special purpose acquisition company (SPAC) BOA Acquisition Corp. at a company valuation of $1.2 billion and enterprise value of $942 million, after neutralizing cash. The share began trading at $9.75 and opened by losing 14% before a remarkable rally saw the share price close 319.5% up on the day at $40.90.
Museri said, "The completion of this transaction is further validation of our highly differentiated hospitality offering, we can scale the brand and our unique destinations to travelers and locals around the world like never before. We look forward to leveraging this capital to drive long-term profitable growth, introduce new offerings that facilitate meaningful connections, and enhance our technology to support our rapid global expansion."
Headquartered in London, Selina is undergoing rapid expansion and currently has a diverse range of 163 hospitality properties in over 20 countries including nine in Israel.
Published by Globes, Israel business news - en.globes.co.il - on October 28, 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.