Sacks Parente Golf Inc. saw its shares plummet by 85% on Wednesday after an impressive IPO, which was the strongest US stock market launch so far this year. Despite being down and closing the day at $4.47, the company still performed higher than its $4 per share initial offering price.
Sacks Parente Golf shares plummet after IPO gains
Specialising in golf equipment, the company debuted on the Nasdaq on Tuesday, during which it went public with 3.2 million shares. Sacks Parente Golf had the markets buzzing when it trumped its IPO pricing with 624%.
This forward-technology golf enterprise’s repertoire includes a $400 putter. Its innovations feature the First Vernier Acuity putters, Ultra-Low Balance Point Putter technology, and weight-forward centre-of-gravity designs. Other products include golf shafts and grips. In the future, Sacks Parente Golf plans to expand its goods to include golf apparel and other related products. It focuses on markets in the United States, Japan, and South Korea.
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During Wednesday’s trading, the stock halted at least five times due to the extent of the price movements. At midday on Thursday, it was still fluctuating, coming in at $3.50 per share, which constituted another approximate 21% drop.
This market listing adds to expectations that there is an uptake in new stock listings. It joins other recent consumer-specific IPOs such as Oddity Tech Ltd. Presently, Sacks Parente Golf’s US stock-market value sits at $63m, which is an achievement considering its $190,000 sales from 2022.
