Chinese chipmaker Nano Labs stock falls 22% amid rising tension between US, China

Aug. 03, 2022 3:25 PM ETNano Labs Ltd (NA)By: Val Kennedy, SA News Editor1 Comment

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

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”.

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