Newly public Mobile Global Esports stock plunges 40% after rallying 16% in prior session

Aug. 02, 2022 11:39 AM ETMobile Global Esports Inc. (MGAM)By: Val Kennedy, SA News Editor

Large yellow signboard on metal frame with the word IPO


Newly public Mobile Global Esports (NASDAQ:MGAM) stock plunged 40% on Tuesday after gaining 16% during Monday’s session.

Shares of the India-focused esports group, also known as Mogo, opened at $10.51, reaching a high of $10.90 in early trading before sliding to a low of $7.39. The stock recently changed hands at $7.83 at approximately 11:30 a.m. ET.

Mogo went public through a $6M initial public offering on Friday, with the company offering 1.5M shares priced at $4 per share. The stock ended its first session at $11.19.

Shares of Mogo climbed as high as $20.74 on Monday, ending their second day of trading 16% higher.

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