Dot Ai Stock Soars in Trading Debut

Key Takeaways

Shares of Dot Ai ( DAIC ) surged in their Nasdaq debut Monday, days after the company completed a merger to go public.

The company, now trading under the "DAIC" stock symbol, merged with a special purpose acquisition company (SPAC) called ShoulderUp Technology Acquisition Corp. in a deal that was completed on Friday. The stock closed the day at $38, according to the Nasdaq, after earlier trading below $28 and above $74, according to Nasdaq data.

Dot Ai said it had raised $12 million in private investment in public equity (PIPE) investment that will "support its strategic growth plans, including the expansion of R&D, Go-To-Market, and building out of its Puerto Rico-based manufacturing operations."

"We're thrilled to finalize our listing and to become a publicly traded company," co-founder and CEO Ed Nabrotzky said. "Leveraging state-of-the-art artificial intelligence engines, the Internet of Things, and our patented, proprietary and innovative software, hardware and cloud integration solutions, we are revolutionizing how companies all over the world manage their supply chains, logistics operations and operational security."

In a prospectus filed in January, SEE ID, the company that publicly does business as Dot Ai, said it generated revenue of just under $440,000 and recorded a net loss of nearly $2 million in 2023.

This article has been updated since it was first published to reflect fresh share-price information.

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