Newly public fabless chipmaker Nano Labs (NASDAQ:NA) stock shot up 64% on Monday after sliding 15% in Friday’s session.
Shares of the Chinese integrated circuit maker opened at $7.10, recently changing hands at $11.15, up 64%, at approximately 11:15 a.m. ET.
Nano shares have traded widely since its $20M initial public offering on July 12. The stock dropped significantly after its debut but climbed on July 20 and 21 following news that the company planned to appeal a delisting notice issued by Nasdaq over gross offering proceeds requirements. The shares U-turned on July 22, closing 15% lower.
The Chinese chipmaker, which specializes in circuits for cryptocurrency mining, raised $20M through a downsized IPO, offering 1.8M American Depositary shares at $11.50 per ADS. An earlier proposal had sought to raise around $37M by offering 3.5M ADSs priced between $9.50 to $11.50.
For a more in-depth look at Nano Labs, check out SA contributor Donovan Jones’s “Nano Labs Finalizes Proposed US IPO Terms”.
Image and article originally from seekingalpha.com. Read the original article here.