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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Chinese fabless chipmaker Nano Labs (NASDAQ:NA) stock plunged 34% to hit a new 52-week low on Wednesday after the company announced the pricing of a public offering of 2M of its American Depositary Shares.

Nano Labs stock opened at $2.23, reaching a session high of $2.25 in early trading before hitting a new 52-week low of $1.91 in late morning. The stock closed at $2.10, down 34% from Tuesday’s close.

Late Tuesday, Nano Labs said that it had priced a previously announced public offering of 2M shares at $2.40 per ADS, raising approximately $5M. Underwriters were granted an option to buy up to 313K additional shares.

Nano Labs stock has lost significant ground in recent weeks after hitting a 52-week high of $13.95 on Aug. 2. The fabless chipmaker held its initial public offering on Aug. 12, raising $20M.

The company received a de-listing notice from Nasdaq on July 20 over a failure to comply with the exchange’s rule that gross offering proceeds be more than $25M.

Nano Labs said on Sept. 2 that Nasdaq will allow its shares to continue to be listed as long as it regains compliance by Jan. 16.



Image and article originally from seekingalpha.com. Read the original article here.

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