ESGEN Acquisition (NASDAQ:ESAC) Shares Down 6.5% – Here’s What Happened

ESGEN Acquisition Co. (NASDAQ:ESAC)’s share price was down 6.5% during trading on Monday . The company traded as low as $0.94 and last traded at $0.9444. Approximately 147,863 shares traded hands during trading, an increase of 169% from the average daily volume of 55,041 shares. The stock had previously closed at $1.01.

ESGEN Acquisition Price Performance

The firm has a 50 day simple moving average of $1.05 and a 200-day simple moving average of $1.30.

ESGEN Acquisition Company Profile

ESGEN Acquisition (NASDAQ: ESAC) is a Delaware‐incorporated special purpose acquisition company (SPAC) formed in 2021 to effect a business combination with one or more operating businesses. As a blank‐check vehicle, ESGEN Acquisition itself carries no commercial operations; its primary objective is to identify and merge with a target company that can benefit from public‐market access and strategic capital.

Through its initial public offering, ESGEN Acquisition raised capital by issuing units consisting of common shares and warrants.