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Hemp-based cigarette maker Hempacco (NASDAQ:HPCO) stock continued its rocky post-IPO ride on Friday, with shares falling 28% in morning trading.
Shares of Hempacco opened at $7.01, reaching a high of $7.40 before sliding to a low of $5.93 in late morning. The stock recently changed hands at $6.02, down 28% from Thursday’s close of $8.35, at approximately 11:40 a.m. ET.
On Tuesday, Hempacco offered 1M shares priced at $6 per share. The stock rocketed as high as $41.80 before sliding to close at $7.78, up 30% from its IPO price.
The stock then fell 34% on Wednesday, but reversed course to close 63% higher on Thursday.
Based in California, Hempacco manufactures and sells hemp-based alternative cigarettes and rolling papers. The company also has patented technology for spraying hemp used in cigarettes with terpenes for flavoring, cannabidiol and cannabigerol.
For a more in-depth look at Hempacco, check out SA contributor Donovan Jones’s “Hempacco Begins US IPO Process”.
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Image and article originally from seekingalpha.com. Read the original article here.