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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 seekingalpha.com. Read the original article here.