Sacks Parente Golf (NASDAQ:SPGC) stock is falling on Wednesday after the company’s shares went through a massive rally on Tuesday.
That massive rally came alongside the company’s initial public offering (IPO) for SPGC stock. That saw it offering up shares for $4 each. However, strong reactions from investors resulted in the shares surging 624.3% yesterday to close out the day at $28.97.
Considering that incredible rally, it makes sense that SPGC stock would give up some of those gains the following day. However, investors will note that only about 81,000 shares have changed hands this morning. For perspective, its trading volume yesterday was 8 million shares.
What Is SPGC Stock?
Sacks Parente Golf is a developer, designer, assembler, manufacturer, and seller of golf equipment and related products. The company was founded in 2018 and operates out of its headquarters in Camarillo, Calif.
The IPO yesterday saw the company sell a total of 3.2 million shares at that $4 price. This has it expecting gross proceeds of $12.8 million from the IPO. Part of its plans for these funds is fueling its expansion into Asian markets. It will also use the money for professional tour expenses, repaying debt, paying accrued compensation, and a manufacturing expansion.
SPGC stock is down 37.8% as of Wednesday morning following yesterday’s major gains.
Investors looking for more of the most recent stock market news will want to stick around!
InvestorPlace offers up all of the hottest stock market coverage that traders need to know about on Wednesday! A few examples of that include why shares of Ebet (NASDAQ:EBET) and Novo Integrated Sciences (NASDAQ:NVOS) stock are up today, as well as the biggest pre-market stock movers this morning. You can read up on all of these matters at the links below!
More Wednesday Stock Market News
- Why Is Ebet (EBET) Stock Up 36% Today?
- Why Is Novo Integrated Sciences (NVOS) Stock Up 67% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
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.
