2d illustrations and photos/iStock via Getty Images
Online game developer Snail (NASDAQ:SNAL) stock tumbled 55% following its downsized $15M initial public offering on Thursday.
Shares of Snail opened just after 11:00 a.m. ET. at $2.20 after pricing at $5 per share. The stock dipped to a low of $1.64 before climbing to a high of $2.60, recently changing hands at $2.20 at approximately 11:40 a.m. ET.
Snail offered 3M shares priced at $5 per share. Underwriters were granted a 45-day option to buy up to 450K additional shares at the IPO price to cover any over-allotments. US Tiger Securities and EF Hutton are serving as lead bookrunners.
The deal was downsized by around 50% from one proposed in a filing in mid-October, which would have raised around $30M.
Based in Culver City, Calif., Snail is a developer of digital entertainment content, particularly online multiplayer games. Its top revenue generator is “ARK: Survival Evolved.”
For more on Snail, check out SA contributor Donovan Jones’s “Video game publisher Snail Readies $30M IPO.”
Image and article originally from seekingalpha.com. Read the original article here.