Ruanyun Edai Technology (RYET) closed its initial public offering of 3.75 million shares at $4 apiece, raising $15 million in gross proceeds.
The underwriters were granted a 45-day option to purchase up to an additional 562,500 shares at the public offering price to cover any overallotments, the company said Wednesday in a statement.
The shares debuted on the Nasdaq on Tuesday.
The stock closed down 6% at $4.24 in the regular session on Wednesday.
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