Newly public agritech Moolec Science inventory rallies 140% (NASDAQ:MLEC)

Newly public Moolec Science (NASDAQ:MLEC) inventory shot up 140% in afternoon buying and selling Friday.

Shares of Moolec opened at $4.36, slipping to a low of $4.35 in early buying and selling earlier than climbing to a excessive of $14.34 in mid-afternoon. The inventory lately modified fingers at $13.05.

The agritech firm went public via a merger with SPAC LightJump final week. The mixed firm’s inventory fell 25% following its market debut on Tuesday to shut at $9.10. The inventory continued to lose floor on Wednesday and Thursday.

Primarily based within the UK, Moolec makes use of molecular farming to create animal proteins in crops. Backers embrace agritech Bioceres Crop Options (BIOX), VC group Theo I SCSp and personal fairness agency Union Group.

LightJump and Moolec introduced plans to merge in June, with the professional forma fairness worth of the mixed firm estimated at round $504M, assuming no redemptions.