Haoxin Holdings (HXHX) shares fell 17% to $3.32 in recent Tuesday trading, below the initial public offering price in the debut on Nasdaq.
The company offered 1.75 million class A ordinary shares at $4 apiece to raise gross proceeds of $7 million.
Earlier, the stock reached $6.29 and later touched $3.20. Intraday volume topped 6.84 million shares
Underwriters have a 45-day option to buy up to an additional 262,500 shares at the IPO price, the company said Monday in a statement.
Haoxin plans to use the proceeds partly to buy new vehicles, pursue acquisitions and upgrade its IT system. The IPO is expected to close Wednesday.
Price: 3.32, Change: -0.68, Percent Change: -17.03
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