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Israeli drone technology provider Mobilicom (NASDAQ:MOB) stock rallied as high as 60% on Thursday following its $12M US initial public offering.
Shares of Mobilicom opened at $4, sliding to a low of $3.70 before jumping to a high of $6.66 in early afternoon. The shares recently changed hands at $6.28 at approximately 12:30 p.m. ET.
Mobilicom offered 2.9M units at $4.13 per unit. Each unit consisted of one American Depositary Share plus one warrant to buy one ADS for $5 per ADS.
Underwriters were granted a 45-day option to buy up to 362K additional ADSs and/or warrants at the public price to cover overallotments. Think Equity is serving as sole bookrunner.
Based in Israel, Mobilicom is a developer and marketer of hardware, software and cybersecurity solutions for small drones. Its shares are also traded on the Australian Stock Exchange.
For a more in-depth look at Mobilicom, check out SA contributor Donovan Jones’s “Mobilicom Files for $10 Million US IPO”.
Image and article originally from seekingalpha.com. Read the original article here.