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Newly public EV maker Atlis Motor Vehicles (NASDAQ:AMV) shares sank 40% Friday as the stock continued its decline following a spectacular Nasdaq listing earlier this week.
Shares of Atlis opened at $35.97, reaching a high of $37.20 mid-morning before sliding to a low of $20 in late afternoon. The stock closed at $20.40, down 40% from Thursday’s close.
Atlis made its market debut Tuesday afternoon via a Regulation A financing. The company offered 1.85M shares priced at $27.50, according to its SEC Form 1-A filing.
The stock rocketed 199% following its debut on Tuesday. It reached an all-time high Wednesday morning of $243.99 before tumbling to close at $75.15.
The shares spiraled on Thursday, falling 55% to close at $33.95.
Image and article originally from seekingalpha.com. Read the original article here.