Intercont (Cayman) (NCT) shares fell 7.1% after its Nasdaq Capital Market debut on Friday.
The stock opened at $6.50 per share, lower than the initial public offering price of $7 per share announced Thursday evening.
The company priced its IPO of 1.5 million shares and expects to receive gross proceeds of $10.5 million from the offering, which is expected to close on Monday.
The company said it has granted underwriters a 45-day option to purchase up to an additional 225,000 shares.
Intercont said it intends to use the net proceeds from the offering to increase its working capital and financial flexibility to expand its fleet, procure raw materials, and fund marketing activities, among other purposes.
Price: 6.50, Change: -0.50, Percent Change: -7.14
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