Biotech SPAC Mergers Rock These Hedge Funds

Many of the collapsing stocks are among their largest holdings.

James MacDonald/Bloomberg

James MacDonald/Bloomberg

Another day, another sharp selloff for a biotech company that recently merged with a blank-check company.

On Friday, shares of Greenlight Biosciences Holdings fell more than 16 percent. The company, which develops RNA products for agriculture and human health, went public February 4 after completing its merger with SPAC Environmental Impact Acquisition Corp.

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