Initial public offering hologram, night panoramic city view of Bangkok. The financial center for multinational corporations in Asia. The concept of boosting the growth by IPO process. Double exposure.

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China-based Addentax Group (NASDAQ:ATXG) stock continued its steep descent on Tuesday, with shares trading 99% below their post-IPO high.

Shares of Addentax opened at $9.12, reaching a high of $9.80 in early trading before hitting a new all-time low of $6.55 in late morning. The stock recently changed hands at $6.76, down 30% from Friday’s close, at approximately 12:10 p.m. ET.

Incorporated in Nevada, Addentax operates through China-based subsidiaries, providing services such as garment manufacturing, epidemic prevention supplies manufacturing and distribution, logistics and property management.

Addentax shares were uplisted to Nasdaq from the OTC market on Aug. 31. The company raised $25M through an accompanying offering, with shares priced at $5 per share. The stock rocketed to close at $656.54, an all-time high.

Since its market debut, Addentax stock has plunged, spiraling 95% on Thursday and another 68% on Friday.

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By admin