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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.