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Atlis Motor Vehicles (NASDAQ:AMV) stock fell over 20% Wednesday morning after opening nearly 800% over its listing price in the wake of the EV company’s spectacular Nasdaq debut.
Shares of Atlis opened at $243.99 on Wednesday before steadily losing ground to hit a low of $54.11 in late morning. The stock recently changed hands at $65, down 21% from Tuesday’s close, at approximately 11:30 a.m. ET.
Atlis shares made their 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.
Shares of Atlis rocketed 199% during their first session, closing at $82.12 after being halted several times for volatility. The stock shot up nearly 200% in after-hours trading.
The Arizona-based maker of EV work trucks and batteries said in a statement that it had conducted its initial public offering through an SEC Regulation A financing. It added that it had raised in excess of $35M through Regulation A and Regulation CF crowdfunding offerings.
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Image and article originally from seekingalpha.com. Read the original article here.