China-based Addentax Group ( NASDAQ: ATXG ) saw its shares tumble over 60% on Thursday, the day after they soared nearly 9,000% following an uplisting to Nasdaq and a $25M initial public offering.
Addentax shares opened at $571.76, reaching a high of $575 before sliding to a low of $202. The stock recently changed hands at $250, down 62% from Wednesday’s close, at approximately 10:50 a.m. ET.
On Wednesday, Addentax uplisted its shares from the OTC market and held a $25M IPO, offering 5M shares at $5 apiece. The shares opened at $27, sliding to a low of $12.95 in late morning before they rallied and were halted at $411.63 at 3:08 p.m. ET. The stock eventually closed at $656.54, up 8,654% from Tuesday's OTC close of $7.50.
Incorporated in Nevada, Addentax operates primarily through subsidiaries in China, providing services such as garment manufacturing, epidemic prevention supplies manufacturing and distribution, logistics and property management. The company’s headquarters is located in Shenzhen, China.
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China-focused Addentax stock tumbles after soaring nearly 9,000% in prior session