Ostin Technology stock drops 21% in wake of Tuesday's rally

May 04, 2022 3:20 PM ETOSTBy: Val Kennedy, SA News Editor

Initial public offering hologram, night panoramic city view of Bangkok. The financial center for multinational corporations in Asia. The concept of boosting the growth by IPO process. Double exposure.

2d illustrations and photos/iStock via Getty Images

Ostin Technology (OST) shares dropped 21% Wednesday after rallying 57% during the previous session.

Shares of the display components maker opened at $4.08, hitting a high of $4.29 in early trading before sliding. The stock recently changed hands at $3.75, down 21%, at around 3:00 p.m. ET.

OST shares have been volatile since the company went public on April 27, closing 892% higher for their first session. The stock plunged 88% the next day.

The stock shifted gears on Tuesday, climbing 57% to close at $4.75.

For its IPO, OST priced 3.38M ordinary shares at $4 per share, raising $13.5M. Underwriters were given a 45-day option to buy up to 506K additional shares at the public price. Prime Number Capital is serving as lead bookrunner.

For a more in-depth look at Ostin, check out SA contributor Donovan Jones’s “Ostin Technology Group Aims for $13.5M US IPO”.

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