Zolak
China-based Erayak Power Solution Group (NASDAQ:RAYA) saw its stock slide following a $12M US initial public offering on Wednesday.
Shares of Erayak opened at $3.70 after being priced at $4 per share. The stock recently changed hands at $3.48, down 13% from its IPO price, at approximately 12:30 p.m. ET.
The maker of power generators and chargers offered 3M shares priced at $4 per share. Underwriters were given a 45-day option to buy up to 450K additional shares to cover over-allotments. Craft Capital Management and R.F. Lafferty & Co. are acting as lead bookrunners.
Incorporated in the Cayman Islands, Erayak conducts most of its operations through subsidiaries in China, specializing in power solutions for RVs, yachts, trucks, vans and outdoor operations. Its leading products are inverters, gasoline generators and chargers. The company first filed for an IPO in January.
In February, Erayak said in a filing that it was looking to raise around $15M.
Image and article originally from seekingalpha.com. Read the original article here.