Newly public Nano Labs ( NASDAQ: NA ) stock tumbled 24% during its second day of trading.
Shares of the Chinese fabless chipmaker, which specializes in circuits for cryptocurrency mining, opened at $9.77, shooting up to a session high of $12 before sliding to a low of $8.80 in late morning. The stock recently changed hands at $9.19, down 24%, at around 10:50 a.m. ET.
Nano held its initial public offering on Tuesday, offering 1.8M American Depositary Shares at $11.50 per ADS, raising approximately $20M . Underwriters were granted a 30-day option to buy up to 266K additional ADSs at the IPO price. The stock finished its first session at $12.05 per ADS, up 5%.
Nano’s IPO was downsized from an earlier proposal , which sought to raise around $37M by offering 3.5M ADSs priced between $9.50 to $11.50.
For a more in-depth look at Nano Labs, check out SA contributor Donovan Jones’s “Nano Labs Finalizes Proposed US IPO Terms”.
For further details see:
Fabless chipmaker Nano Labs stock tumbles 24% on second day of trading