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Newly uplisted Castellum (NYSEMKT:CTM) saw its stock finish 23% higher on Friday following its second day of trading on NYSE American.
Shares of the cybersecurity and IT services provider opened at $1.60, sliding to a low of $1.30 in morning trading before climbing to a high of $1.69 midday. The stock closed at $1.47.
Castellum uplisted its shares on Thursday after conducting a 1-for-20 reverse stock split. The company also held a downsized $3M public offering of 1.5M shares priced at $2 apiece. The stock tumbled 40% during its debut session, closing at $1.20.
Castellum’s IPO was scaled back from a $4M proposal filed with the SEC on Oct. 11, which in turn had been downsized from a $13M deal proposed in a Sept. 30 filing.
Image and article originally from seekingalpha.com. Read the original article here.