COVID-19 therapy and test developer Ainos (NASDAQ:AIMD) saw its stock sink 17% Wednesday, the day after it uplisted its shares to Nasdaq and conducted a $3M initial public offering.
Shares of the medtech group opened at $3.56, later sliding to hit a low of $2.90 in morning trading. The stock recently changed hands at $3.05, down 17% from Tuesday’s close, at approximately 1:25 p.m. ET.
Ainos, formerly known as Amarillo Biosciences, offered 780K units at $4.25 per unit, raising around $3.3M. Each unit consisted of one share plus one warrant to buy one share at the IPO price.
The company also conducted a 1-for-15 reverse stock split ahead of the IPO and uplisting.
Ainos is a marketer of diagnostic tests for a variety of illnesses. It’s also working on a low-dose interferon treatment for COVID-19. The company initially filed for an IPO in April, indicating it was seeking to raise around $9M through a unit offering,