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SKYX Platforms (NASDAQ:SKYX), formerly known as SQL Technologies, saw its stock plunge 40% in afternoon trading Tuesday.

Shares of the smart building technologies provider opened at $5.67, hitting a session high of $5.80 in early trading before dropping to a low of $3.19 in late morning. The stock recently changed hands at $3.68 at around 3:30 p.m. ET.

The drop came despite a company announcement that its safety specifications for plug and play ceiling outlets for lighting and fans had been approved by two leading US standardization groups. The company didn’t appear to release any additional news or make any SEC filings.

SKYX held an upsized initial public offering on Feb. 10, pricing 1.65M shares at $14 per share to raise around $23M. The company changed its name from SQL Technologies to SKYX Platforms in June, which it said better reflected its business model and patented technologies.

For more IPO news, check out SA’s IPO News page.

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