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Newly public Magic Empire (NASDAQ:MEGL) saw its stock sink 21% on Friday, wrapping up a dismal week for the Hong Kong-based corporate financial services firm.
Shares of Magic Empire, which went public on Aug. 5, opened at $10.30 before hitting a session low of $8.44 in late morning. The stock recently changed hands at $8.58 at approximately 2:30 p.m. ET, down 93% from Monday’s close.
Magic Empire shares were battered earlier in the week, plunging 90% on Tuesday to close at $12.32 after reaching an all-time $249.94 on Monday.
Magic Empire made its US market debut last Friday, 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.
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.