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Electric toothbrush maker Bruush Oral Care (NASDAQ:BRSH) saw its stock plunge 40% following its $16M initial public offering on Wednesday.
Shares of Bruush opened at $2.85. The stock recently changed hands at $2.50, down 40%, at approximately 12:45 p.m. ET.
Bruush priced 3.7M units at $4.16 per unit. Each unit consisted of one share plus one warrant to buy one share at $4.16 per share.
Underwriters were granted a 45-day option to buy up to an additional 15% of the number of shares and warrants offered. Aegis Capital is serving as sole bookrunner.
Bruush markets sonic toothbrushes and head replacements through e-commerce sites such as Amazon and Macy's. Later this year, it plans to roll out related oral products such as kids toothbrushes, toothpaste, floss, mouthwash and whitening pens.
In early July, Bruush said in a filing that it was looking to raise around $17M.