Fabless chipmaker Nano Labs (NASDAQ:NA) stock fell 20% during its third day of trading on Thursday.
Shares of the Chinese company opened at $8.01, recently changing hands at $7.02, down 20%, at approximately 11:00 a.m. ET.
Nano held its IPO on Tuesday, offering 1.8M American Depositary Shares at $11.50 per ADS to raise approximately $20M. The stock finished its debut session at $12.05.
The IPO had been downsized from an earlier proposal that 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.