Cuprina (CUPR) stock dropped more than 7% on its Nasdaq debut Thursday, giving away gains from early in the day.
The Singapore-based biotechnology company priced an upsized $12 million initial public offering of 4 million class A ordinary share, up from initial plan of 3.75 million shares, at $4 each.
Cuprina shares opened at $4.40 just after 11:30 a.m. ET, up 10%, and quickly touched an intra-day high of $4.79 before dropping.
The company has granted underwriters an additional 450,000 shares as overallotment option. If the option is fully exercised, gross proceeds are expected to reach $13.80 million.
Cuprina plans to use net proceeds to fund its expansion into new markets in southeast Asia, Hong Kong, mainland China and the Middle East, research and development, brand awareness, equipment and infrastructure, and loan repayments.
Price: 3.70, Change: -0.30, Percent Change: -7.50
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