IPOS - Fracking services provider ProFrac stock hits new 52-week low

Fracking services provider ProFrac ( NASDAQ: PFHC ) stock hit a new all-time low on Wednesday.

Shares of the Texas-based company opened at $16.81, rising to an early high of $17.22 before dropping to a 52-week low of $14.20 in late morning. The stock recently changed hands at $15.23, down 11%, at approximately 12:00 p.m. ET.

ProFrac held a downsized initial public offering on May 13 , offering 16M shares at $18 per share to raise $288M. The stock hit a post-IPO high of $23.62 on June 8.

Shares slid last month after the company announced plans to acquire US Well Services ( USWS ) through an all-stock deal valued at around $93M and two units of Signal Peak Silica for $90M.

For more on ProFrac ( PFHC ), check out SA contributor Donovan Jones’s “ProFrac Holding Targets $360M IPO”.

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