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Hong Kong-based Magic Empire stock (NASDAQ:MEGL) rocketed 77% on Monday after plunging last week in the wake of a spectacular $20M US initial public offering.
Shares of Magic Empire opened at $9.79, sliding to a low of $9.25 in early trading before shooting up to a high of $15.87 in late morning. The stock recently changed hands at $14.58 at approximately 2 p.m. ET.
The Chinese financial services provider made its US market debut on Aug. 5, offering 5M shares priced at $4 per share to raise $20M. After several halts due to volatility, the stock ended its first session 2,325% higher at $97 per share.
The shares were hammered last week, plunging 90% on Tuesday to close at $12.32 after reaching an all-time of $249.94 on Monday. The stock ended the week down 93% from last Monday’s close.
For a more in-depth look at Magic Empire, check out SA contributor Donovan Jones’s “Magic Empire Global Limited Pursues $23 Million US IPO.”
Image and article originally from seekingalpha.com. Read the original article here.