SaverOne 2014 (SVRE) stock plunged 37% on Friday following the company’s $13M initial public offering.
Shares of SaverOne opened at $3.50, recently changing hands at $2.60, down 37%, at approximately 12:10 p.m. ET.
The tech company, which is focused on driver safety solutions, offered 2.94M units and 208K pre-funded units for $4.13 per unit, raising approximately $13M.
Based in Israel, SaverOne has developed a system that is able to detect and block mobile phone apps that could potentially lead to vehicular accidents by distracting the driver.
For more on SaverOne, check out SA contributor Donovan Jones’s “SaverOne 2014 Pursues $14 Million US IPO”.