Hanover Bancorp, Inc. (NASDAQ:HNVR) opened up its shares for public trading for the first time since it filed for IPO in February 2022. The company agreed to initially offer 1.27 million shares to the public at a $21.00 per share. On its first day of trading, the stock decreased 6.20% from its opening price of $21.44 to its closing price of $20.11.

Hanover Bancorp, Inc. Performance On First Day of Trading

About Hanover Bancorp, Inc. and It's IPO

Hanover Bancorp, Inc., is a locally owned and operated privately held stock bank holding company for Hanover Community Bank, a community commercial bank focusing on highly personalized and efficient services and products responsive to local needs.

For its IPO, HNVR agreed to offer 1.27 million shares at a price of $21.00 per share, with an insider lock-up period of 180 days, ending on November 07, 2022.

An insider lock-up period is a period of time after a company first goes public where major shareholders are not allowed to sell their shares. The insider lock-up period makes sure that the market does not get oversupplied with shares of the company.

Traders may short the stock leading up to the lockup-period expiration date in hopes that the price will fall due to an increase in supply of shares. Retail traders should be watching this stock's short interest as it moves closer to lockup expiration.

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This article was generated by Benzinga's automated content engine and reviewed by an editor.