Mobile Global Esports, also known as Mogo, sees stock tumble 25% in wake of $6M IPO

Aug. 03, 2022 12:44 PM ETMobile Global Esports Inc. (MGAM)By: Val Kennedy, SA News Editor

golden phone with IPO stocks purchase app on the screen

Prykhodov

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.

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