Waton Financial (WTF) said Wednesday it has closed its initial public offering including the full exercise of the underwriters' overallotment option, raising a total of around $20.1 million.
The company's IPO consisted of around 4.4 million shares priced at $4 per share for gross proceeds of $17.5 million. Waton said it also closed the sale of an additional 656,250 shares for additional gross proceeds of around $2.6 million.
The company's shares fell more than 59% in recent trading Wednesday after closing at $19.85 per share on Tuesday, when it began trading on the Nasdaq Capital Market.
Price: 7.98, Change: -11.87, Percent Change: -59.80
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