Actelis Networks (ASNS) stock dropped nearly 30% after conducting a $15M initial public offering that was priced at the lower end of its proposed range.
Shares of the networking solutions provider opened at $3.90 before sliding. The stock recently changed hands at $2.88, down 28%, at approximately 10:40 a.m. ET.
Actelis offered 3.75M shares priced at $4 per share, raising approximately $15M. Underwriters were granted a 45-day option to buy up to 563K additional shares. Boustead Securities is serving as sole bookrunner.
Based in Freemont, Calif., Actelis is a provider of hybrid fiber-copper networking solutions for wide-area Internet of Things, or IoT, applications.
Earlier this month, Actelis said in a filing that it planned to price 3M shares between $4 and $6 per share.