Chinese chipmaker Nano Labs (NASDAQ:NA) stock sank 22% on Wednesday amid increased tension between the US and China over Taiwan.
Shares of the fabless chipmaker, which went public last month, opened at $9.22, reaching a $9.90 in early trading and a low of $6.80 in late afternoon. The stock recently changed hands at $7.20, down 22% from Tuesday’s close, at approximately 3:10 p.m. ET.
Nano shares have been volatile since the company held an $20M initial public offering on July 12. The stock was further agitated the week of July 20 over news that it planned to appeal a de-listing notice from Nasdaq related to gross proceeds requirements.
For a more in-depth look at Nano Labs, check out SA contributor Donovan Jones’s “Nano Labs Finalizes Proposed US IPO Terms”.