NFT Gaming (NASDAQ:NFTG) stock is falling on Thursday following the company’s initial public offering (IPO) yesterday.
That IPO saw NFT Gaming list 1.69 million shares of NFTG stock at $4.15 per share. To go along with that, underwriters have the option to acquire an additional 253,012 shares at the public offering price.
This IPO resulted in the company generating net proceeds of $7 million from its public debut. However, shares of NFTG stock were unable to maintain the $4.15 per share public offering price throughout the day.
This resulted in shares of NFTG stock dropping 2.4% when markets closed on Wednesday. It looks like that movement is set to continue with the company’s shares down 10.9% in pre-market trading on Thursday morning.
What Is NFT Gaming?
NFT Gaming is a video game company that operates games on its Gaxos platform. The company’s main focus is the ability for players to transfer their characters and achievements between games as non-fungible tokens (NFTs).
The company’s ties to NFTs make it a play in both the crypto and gaming spaces. While there has been hype surrounding NFTs in the last few years, that’s started to die down, as metaverse projects haven’t taken off like investors expected.
Investors interested in learning more about the latest stock market stories are in luck!
We’ve got all of the latest stock coverage traders need to start Thursday morning! A few examples include why shares of Ur-Energy (NYSEMKT:URG), Boxed (NYSE:BOXD) and Axcella Health (NASDAQ:AXLA) stock are on the move today. You can catch up on all that news at the links below!
More Thursday Stock Market News
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- Why Is Axcella Health (AXLA) Stock Up 35% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.