Skyline Builders Group Holding (SKBL) shares plummeted 7.08% in after-hours trading on Thursday, extending losses from the construction firm's disappointing trading debut.
The sell-off followed SKBL pricing its initial public offering of 1.5 million Class A ordinary shares at $4 apiece to raise just $6 million. The company began trading on the Nasdaq stock exchange earlier on Thursday, with its stock dropping 7.25% on the first day as investors reacted negatively to the modest IPO pricing.
The lackluster IPO pricing and trading debut appears to have soured investor sentiment toward the residential and commercial construction company. SKBL's after-hours plunge suggests the market remained unimpressed with the $6 million capital raise, which the firm plans to use for hiring and general corporate purposes.
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