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Newly public ZyVersa Health (ZVSA) stock tumbled 40% on Wednesday after plunging 67% in its debut session on Tuesday.
Shares of ZyVersa, which merged with SPAC Larkspur Health (LSPR) (LSPRU) earlier in the week, opened at $6.25, reaching a high of $6.48 in early trading before sinking to a low of $4.04 in late morning. The stock closed at $4.51.
ZyVersa shares cratered during their first post-merger session on Tuesday, diving 67% to close at $7.50. The stock had closed at $22.50 on Monday.
The biotech company, which is working on treatments for kidney disease, merged with Larkspur though a deal that estimated the combined company’s enterprise value at $189M.
