CaliberCos Inc shares were halted following its stock market debut on Wednesday due to trading volatility after its stock price rose as much as 6% to $4.22.
The Nasdaq cited the SEC's Limit Up-Limit Down (LULD) rule as the reason for the halt, which prohibits trading activity in exchange-listed securities at prices outside specified price bands (upper band; lower band), which are established at a percentage level above and below the average price of a security over the immediately preceding five-minute period.
The vertically integrated alternative asset manager had priced its upsized initial public offering (IPO) of 1.2 million of its Class A common shares at $4 per share, raising gross proceeds of $4.8 million before deducting underwriting discounts, commissions, and other offering expenses.
Shares of the Arizona-based company opened at $3.80.
CaliberCos originally filed for the IPO in September 2022, expecting to raise about $9 million by offering 1.6 million company shares priced between $5 and $6 per share.
CaliberCos aims to build generational wealth for investors seeking to access opportunities in middle-market assets. Its funds include investment vehicles focused primarily on real estate, private equity, and debt facilities.
Contact Sean at sean@proactiveinvestors.com