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Selina stock hits new low, despite deal to enter wellness retreat market

Abu Hanifah/iStock via Getty Images

Gen Z-focused hotel group Selina (NASDAQ:SLNA) saw its stock hit yet another all-time low on Wednesday despite announcing that it was entering the wellness retreat market.

Shares of Selina, which went public through a SPAC merger last week, opened at $9, hitting a session high of $9.17 before slipping to a new 52-week low of $6.46 in mid-afternoon. The stock recently traded at $6.97, down 30%, around 2:45 p.m. ET.

On Tuesday, Selina announced it was partnering with retreat operator Mantra to offer retreats at its hotels. Billing itself as a Gen Z hotel operator, Selina caters to younger remote workers, offering workspaces and local experiences at its 163 properties located throughout the world.

Selina went public last Thursday through a merger with SPAC BOA Acquisition Corp. The combined company’s stock rocketed as high as 442% over it’s pre-merger price during its debut, ending the session 348% higher at $49.49. The stock shifted gears the next day and has spiraled since.

BOA and Selina announced plans to merge in December 2021, with BOA predicting that Selina would generate revenue of $1.2B by 2025.

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