Addentax Group (NASDAQ:ATXG) shares soared following the China-focused company’s uplisting to Nasdaq and $25M initial public offering.
Shares of Addentax opened at $27, reaching a high of $32.56 in early trading before sliding to a low of $12.95 in late morning. The shares recently changed hands at $25.27, up 405% from their IPO price, at approximately 11:25 a.m. ET.
Addentax offered 5M shares priced at $5 per share. Underwriters were granted a 45-day option to buy up to 750K additional shares at the public price. Network 1 Financial Securities is serving as lead bookrunner.
Prior to Wednesday, Addentax shares were traded OTC under the symbol ATXG.
Incorporated in Nevada, Addentax operates primarily through subsidiaries in China, providing services such as garment manufacturing, epidemic prevention supplies manufacturing and distribution, logistics and property management. The company’s headquarters is located in Shenzhen, China.
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