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.

2d illustrations and photos/iStock via Getty Images

Fabless chipmaker Nano Labs (NASDAQ:NA), which went public in mid-July, rallied for the second day in a row Monday in the wake of news that it plans to appeal a Nasdaq de-listing notice.

Shares of the Chinese company, which sells chips for cryptocurrency mining, opened at $9.42, hitting a low of $9.13 in early trading before jumping to a high of $11.19 midday. The stock recently changed hands at $10.72, up 11%, at approximately 3:30 p.m. ET.

Nano made its public debut on July 12 through a $20M initial public offering. The IPO was downsized from an earlier proposal, which sought to raise around $37M.

Nano’s stock has been volatile since its debut, reaching a 52-week high of $13.40 on July 12 and a 52-week low of $6.30 on July 18.

The shares climbed July 20 and 21 following news that the company planned to appeal a delisting notice issued by Nasdaq over gross offering proceeds requirements. The stock has bobbed up and down since, closing at $9.62 on Friday, up 23%.

For a more in-depth look at Nano Labs, check out SA contributor Donovan Jones’s “Nano Labs Finalizes Proposed US IPO Terms”.

Image and article originally from Read the original article here.

By admin