Akanda Corp (NASDAQ:AKAN) opened up its shares for public trading for the first time since it filed for IPO in January 2022. The company agreed to initially offer 4.00 million shares to the public at a $4.00 per share. On its first day of trading, the stock fell 65.00% from its opening price of $30.0 to its closing price of $10.50.
Akanda Corp Performance On First Day of Trading
About Akanda Corp and It's IPO
Akanda Corp is a cannabis cultivation, manufacturing and distribution company whose mission is to provide premium quality medical cannabis products to patients worldwide
For its IPO, AKAN agreed to offer 4.00 million shares at a price of $4.00 per share, with an insider lock-up period of 180 days, ending on September 11, 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.
