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Online brokerage TOP Financial (NASDAQ:TOP) stock plunged 74% Friday afternoon, hitting a new all-time low.
Shares of the Hong Kong company opened at $20.35, reaching a high of $29.44 midday before reversing course to hit a new all-time low of $5.37 in late afternoon trading. The stock closed at $5.49. The company did not appear to release any news or make any SEC filings on Friday.
TOP went public via a $25M initial public offering on June 1, offering 5M shares priced at $5 per share. The stock hit an all-time high of $50.97 on June 23.
Shares of TOP had been trending higher since early September after dropping to a previous 52-week low of $7 on Aug. 12.
The company changed its name to TOP Financial from Zhong Yang on July 22.
Image and article originally from seekingalpha.com. Read the original article here.