Skift Take
One challenge for struggling travel SPACs beyond their stock prices is to create something new that's truly valuable to their customers. Booking.com did just that years ago, although others have caught up in the interim.
Reverse stock splits are almost never a good sign and companies have a tough time recovering. They do it when their shares are in the basement and they're at risk of a delisting.
But a bunch of struggling travel SPACs that enacted reverse stock splits last year may find hope in Booking Holdings – its shares were trading Thursday for more than $3,500 each.
Before it was named Booking Holdings, the company was called Priceline. Its share price was stuck around $1 per share starting in late 2000 and for the next few years before executing a reverse stock split in June 2003. The company had been trying to cope with a torrent of Better Bu