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.

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