Netcapital ( OTCQX:NCPL ) stock tumbled nearly 70% following the fintech’s $5M initial public offering.
Shares of Netcapital, which runs a platform that allows private companies to raise capital online, opened at $3, hitting a low of $2.37 in mid-morning trading. The stock recently changed hands at $2.65, down 68%, at around 1:00 p.m. ET.
Boston-based Netcapital offered 1.2M shares plus accompanying warrants to buy up to 1.2M shares, with the combination of one share and one warrant priced at $4.15. Each warrant entitles the holder to purchase one share at the exercise price of $5.19.
Underwriters were given a 45-day option to buy up to 181K additional shares and/or warrants at the IPO price. Think Equity is serving as sole bookrunner on the deal.
For more IPO news, check out SA’s IPO News page.
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Fintech Netcapital stock tumbles 70% following $5M IPO