edited hapabapa/iStock via Getty Images
Property entity (NASDAQ:ASST), develop and manage community servers for Discord (Heritage), saw its stock slide 30% following the company’s $7.5 million initial public offering.
Shares of asset entities open at $5.88, hitting an initial high of $6.98 before sliding to as low as $3.18 in the early afternoon. Shares recently changed hands at $3.40 around 2:50 p.m. ET.
The company offering 1.5 million shares at the price of 5 USD/share. The underwriters were given a 45-day option to purchase up to 225,000 more shares at the IPO price to cover the excess allocations. Boustead Securities is acting as sole booker.
Based in Texas, Asset Entities is a provider of social media marketing services. The company also develops and manages servers for the Discord community, with a focus on content sales and investments.
For more on Asset Entities see SA contributor Donovan Jones’s "Asset Institutions Propose Small $7.5 Million IPO Terms".
