Garden Stage (NASDAQ:GSIW) stock is falling on Monday following the pricing of an initial public offering (IPO) for the holding company’s shares.
The IPO for GSIW stock saw the company sell 2.5 million shares of GSIW stock for $4 per share. That saw the stock climb 155% higher during normal trading hours on Friday.
However, GSIW stock is no giving up some of those gains as the excitement of its IPO dies down. As a result, the company’s shares have fallen 37.9% as of Monday morning.
As for recent stock market movement, the stock saw roughly 5 million units change hands during normal trading hours on Friday. Following that, only about 111,000 shares have been traded as of this writing.
What to Know About the GSIW Stock IPO
The Garden Stage IPO saw the company raise $10 million in gross proceeds. The company could also get more if underwriters exercise their 45-day option to acquire another 375,000 shares of GSIW stock.
Garden Stage also already has plans for these funds. The company plans to use them to build on its underwriting and placing services, start offering securities margin financing services, to increase IT infrastructure and capacity, expand asset management and for increasing securities dealing and brokerage services coverage in the U.S. Funds not used in these ways will go toward general corporate purposes.
Investors can find even more of the most recent stock market news below!
We have all of the hottest stock market coverage for Monday! That includes everything happening with shares of NLS Pharmaceutics (NASDAQ:NLSP) stock, WiSA Technologies (NASDAQ:WISA) stock and Hawaiian Holdings (NASDAQ:HA) stock. You can catch up on all of these matters at the following links!
More Stock Market News for Monday
- Why Is NLS Pharmaceutics (NLSP) Stock Down 24% Today?
- Why Is WiSA Technologies (WISA) Stock Up 58% Today?
- Why Is Hawaiian Holdings (HA) Stock Up 182% Today?
On the date of publication, William White did not hold (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.
