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ASP Isotopes (ASPI) stock dropped 32% following the chemical isotope company’s downsized $5M initial public offering.
Shares of ASP opened at $3.22 at approximately 10:45 a.m. ET after pricing at $4 per share. The stock slipped to a low of $2.34 before rising to a high of $3.75. The shares recently changed hands at $2.72 at approximately 12:30 p.m. ET.
ASP priced 1.25M shares at $4 per share. The deal was downsized from one proposed in early November that called for 1.5M shares to be priced between $4 and $5, which would have raised $7M if priced at the midpoint.
In October, ASP said that it was planning to offer 2M shares priced between $5 and $7, which would have raised around $12M if priced at the midpoint.
Based in Florida, ASP is developing technology for improved isotope production. The company is initially focusing on technology to produce Molybdenum-100 for nuclear medical imaging and Uranium-235 for nuclear power generation.
For more a more in-depth look at the company, check out SA contributor Donovan Jones’s “ASP Isotopes Proposes $12M US IPO”.
ASP wasn’t the only company to hold a downsized IPO on Thursday amid a very chilly environment for such deals. Video game developer Snail (SNAL) also debuted, raising $15M.
Image and article originally from seekingalpha.com. Read the original article here.