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Israel’s Wearable Devices (NASDAQ:WLDS) stock slipped 6% following its $16M US initial public offering.
Shares of the wearable technology developer opened at $4.70, hitting an early high of $5.85. The stock was halted several times for market volatility, recently changing hands at $3.99, down 6% from its IPO price, at around 12:00 p.m. ET.
The Israeli company offered 3.8M units priced at $4.25 per unit. Each unit consists of one ordinary share plus two warrants to buy two shares at $4 per share.
Underwriters were given a 45-day option to buy up to 15% more shares equal to the number of units sold. Aegis Capital is serving as lead bookrunner.
Wearable Devices has been working on a wrist band with a non-invasive neural interface that allows the user to control other digital devices through subtle finger movements.
For a more in-depth view of Wearable Devices, check out Donovan Jones’s “Wearable Devices Aims for $18M IPO.”
Image and article originally from seekingalpha.com. Read the original article here.