EBON Performed Poorly on the First Day of Listing
[ChainDD report] June 27 (ChianDD) On the 26th of Eastern Time, EBON landed on Nasdaq with EBON as the stock trading code. The opening price was $4.6, and it fell about 12% at the opening. Further, it fell to $3.81 at noon, and fell 27% in the day. Afterwards it rose and made up the declines, finally closing at US $5 and closing down by about 4.4%. The after-hours decline further expanded. At present, it fell below US $4.5 and fell by about 10% after-hours.
The first-day issue price of EBON was US $5.23, slightly lower than the median value of the target range of 4.50 to 6.50. The public offering of 19.3 million shares was 59,000 less than that of originally planned. If the underwriter does not use an over-allotment option of up to 288.97 million shares, the IPO financing amount of EBON is approximately US $101 million. Based on the issue price, the market value of EBON is $685 million.