Malaysian fintech Starbox ( NASDAQ: STBX ) stock continued its downward slide on Tuesday in the wake of a spectacular $20M initial public offering that saw shares soar over 1,000%.
Shares of Starbox opened at $6.17, hitting a high of $6.18 in early trading before slipping to a low of $5 mid-morning. The shares recently changed hands at $5.12, down 21% from Monday’s close, at approximately 2:15 p.m. ET.
Starbox made its US market debut on Aug. 23, offering 5M shares at $4 per share. The stock soared 1,055% to a session high of $46.21 during its first session before sliding to close at $15.40, up 285% from its IPO price. The stock fell significantly during next three sessions, but moved higher on Monday to close at $6.44.
Based in Malaysia, Starbox provides cash rebate, digital advertising and payment solution services to micro, small and medium-sized businesses.
For a more in-depth look at Starbox, check out SA contributor Donovan Jones’s “Starbox Group Holdings Aims for $23 Million US IPO”.
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Starbox stock continues downward slide in wake of spectacular $20M IPO