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Athitat Shinagowin
Chinese baked goods producer Chanson International (NASDAQ:CHSN) saw its stock plunge 40% following a $14M US initial public offering on Thursday.
Shares of Chanson opened at $4 per share, later diving to recently change hands at $2.36 at around 12:45 p.m. ET.
The China-based company offered 3.4M shares priced at $4 per share. Underwriters were granted a 45-day option to buy up to 509K additional shares to cover over-allotments.
EF Hutton is serving as sole bookrunner. Chanson first filed for the IPO in March 2021.
Chanson is a producer of fresh and packaged baked, seasonal and beverage goods. The company sells its products online and through directly operated outlets in China and New York City, several of which operate under the “George Chanson” brand name.
For more on Chanson, check out Donovan Jones’s “Chanson International Pursues $15M US IPO.”
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Image and article originally from seekingalpha.com. Read the original article here.