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Newly public EV maker Atlis Motor Vehicles (NASDAQ:AMV) saw its stock tumble 40% in morning trading Thursday in the wake of a spectacular Nasdaq listing earlier in the week.
Shares of Atlis opened at $50.32, hitting an early high of $60 before sliding. The stock recently changed hands at $45, down 40% from Wednesday’s close, at approximately 11:00 a.m. ET.
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.
Shares of the EV truck and battery maker soared 199% during their debut session Tuesday. The stock opened at an all-time high of $243.99 on Wednesday but quickly switched gears, eventually closing at $75.15, down 9% from Tuesday’s close of $82.12.
Atlis conducted its public offering via a SEC Regulation financing. The company said it had raised over $35M through a Regulation A and Regulation CF crowdfunding offerings.
Image and article originally from seekingalpha.com. Read the original article here.