Hotel101 Global Holdings Corporation, a subsidiary of tycoons Edgar Sia II and Tony Tancaktiong’s DoubleDragon Corporation, had a lackluster debut at the Nasdaq Stock Exchange with its share price falling 70 percent at the close of its first day of trading.

Hotel101, trading under the ticker symbol HBNB, ended the day at $3.28 per share, a nearly 70 percent drop from Friday's close (when it was still listed as JV Spac Acquisition Corporation).

Abacus Securities Corporation pointed out that “There is still no official data on the number of shares outstanding for HBNB but according to Alnvest.com, it's 234.03 million, resulting in a market cap of $767.6 million or only about one-third the deemed equity value (of $2.3 billion) in previous press releases.”

“Given that original shareholders of the SPAC owned 6.6 million shares prior to the merger, the attributable value of HBNB to DoubleDragon is $747.3 million or about ₱17.94 per share.

“This is 40 percent higher than the current share price of the latter but nowhere near what was previously implied and is therefore unlikely to be a near-term catalyst for the stock,” it added.

Abacus also noted that “nobody knows the basis for the ‘deemed’ equity value of $2.3 billion. Details of the merger with the SPAC (such as shares to be issued, financials) are not available either, making it impossible to assess its true value.”

Hotel101, an asset-light, prop-tech hospitality platform business designed for rapid global growth, is the first Filipino corporation to be listed at the Nasdaq, and its shares began trading on July 1, 2025.

Hotel101 celebrated its U.S. public listing by ringing the Opening Bell last June 27. Leading the bell-ringing were DoubleDragon Co-Chairmen Sia and Tan Caktiong.

The approval to list at the Nasdaq came after completion of Hotel101's business combination with JVSPAC Acquisition Corporation, which JVSPAC shareholders approved on June 24, 2025.

“This is a historic moment for DoubleDragon, becoming the first-ever Filipino company with a subsidiary listed and traded on the Nasdaq,” said Sia.

He added that, “It reflects the strength of our vision and the dedication of everyone who has helped bring Hotel101 to this global stage. And we're just getting started – with a globally scalable model and a long runway ahead, we aim to redefine the industry and become a leading global hospitality brand working towards our vision of an inventory of 1 million Hotel101 rooms globally.”

Hotel101 CEO Hannah Yulo-Luccini said “Today is an exciting milestone in Hotel101's journey to become the world's first truly global one-room hotel chain.

“Hotel101 was born from a simple, revolutionary idea: a ‘one room’ global hotel brand delivering consistent comfort and irresistible value worldwide. Our asset-light, technology-driven platform positions us to scale rapidly, with a goal to disrupt the hospitality industry globally with 1 million rooms across 100 countries.”