Wang & Li Group WLGS Opened its shares for public trading for the first time since it filed for an IPO in June 2022. The company initially agreed to offer 1.60 million shares to the public at $5.00 per share. On its first day of trading, the stock lost 46.55% from an opening price of $5.8 to its closing price of $3.10.
The performance of Wang and Li Group on the first day of trading
About Wang & Li Group and its IPO
Wang & Li Group, Inc. Engages in the installation and fitting of Electrical and Mechanical Systems, Mechanical Ventilation and Air Conditioning Systems, Fire Service Systems, Water Supply and Sewage Disposal Systems for the public and private sectors.
For its IPO, WLGS agreed to offer 1.60 million shares at a price of $5.00 per share with an internal lock-up period of 180 days ending on October 17, 2023.
One Insider lock-up period There is a period after a company first goes public where major shareholders are not allowed to sell their shares. The insider lock-up period ensures that there is no oversupply of company shares in the market.
Traders can short the stock until the lockup-period expiration date, hoping that the price will fall due to an increase in the supply of shares. Retail traders should watch the short interest in this stock as it nears lockup expiry.
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This article was generated by Benzinga’s automated content engine and reviewed by an editor.