Shares of Beneficient, which debuted on the Nasdaq Thursday under symbol BENF, were in the red during afternoon trading.
The stock made its debut following a business combination between the Beneficient Company Group and special purpose acquisition company Avalon Acquisition.
At 1:54 p.m. ET, shares of Beneficient were trading 12% lower at $8. The stock opened at $15, and traded as low as $7.72 and as high as $16.50 in Thursday’s session.
Beneficient said it offers “a technology-enabled platform providing liquidity and related trust and custody services to holders of alternative assets.”
The company said that to date it has closed financing on over $1.1 billion in liquidity in alternative assets.