Mobile Global Esports (NASDAQ:MGAM) stock fell 25% on its fourth day of trading in the wake of its $6M initial public offering last Friday.
Shares of the India-focused company, also known as Mogo, opened at $7.38, hitting a high of $7.75 in early trading before sliding to a low of $6.26 in late morning. The stock recently changed hands at $6.45, down 25% from Tuesday’s close, at approximately 12:40 p.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 hit an all-time high on Monday of $20.74, but fell 34% on Tuesday.
The company announced on Tuesday that IPO underwriters had exercised their overallotment option in full, resulting in gross proceeds of $6.9M.