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EV boatmaker Forza X1 (NASDAQ:FRZA) stock sank 18% early Monday after soaring 50% following its $15M initial public offering on Friday.
Shares of Forza X1, a spinout of boat builder Twin Vee Powercats (VEEE), opened at $6.61. The stock recently changed hands at $6.11 at approximately 9:50 a.m. ET.
Forza held its IPO on Friday, pricing 3M shares at $5 per share. The stock finished its debut session at $7.49, up 50%, after reaching a high of $15.
Based in Florida, Forza X1 is developing a recreational sport boat with an electric outboard motor. The company hopes to begin selling the boats in the second quarter of 2023.
For a more in-depth look at Forza X1, check out SA contributor Donovan Jones’s “Forza X1 Begins US IPO Rollout.”
Image and article originally from seekingalpha.com. Read the original article here.