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Laser Photonics (LASE) stock closed its first session 48% lower following the company’s $15M initial public offering Friday morning.
Shares of Laser Photonics opened at $5, reaching a high of $5.50 early before tumbling to a low of $2.56 in late afternoon. The stock closed at $2.58.
The company offered 3M shares at $5 per share.
Underwriters were granted a 45-day option to buy up to 450K additional shares at the IPO price. Alexander Capital is serving as sole book-runner.
Laser Photonics first filed for an IPO in November 2021, seeking $17M.
Based in Florida, Laser Photonics develops laser systems for laser cutting, marking, engraving and other industrial purposes. The company reported revenue of $11M for 2021.
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Image and article originally from seekingalpha.com. Read the original article here.