Sacks Parente Golf shares plummeted by almost 70% on Wednesday, a day after the golf brand clinched the title of 2023’s best initial public offering (IPO) on a U.S. exchange.
The company’s stock, which debuted on the Nasdaq for $4 a share on Tuesday, had closed up 624% at about US$29.
However, it didn’t take long for investors to pull back on the stock, leading to a 69.5% drop to US$8.84 on Wednesday morning.
Camarillo, California-based Sacks Parente Golf develops, designs, manufactures and sells golf equipment, including putting instruments, golf shafts, and golf grips.
It plans to use the proceeds from its IPO to fund its expansion in Asia, for marketing and professional tour-related expenses, to repay debt, pay accrued compensation, to fund manufacturing expansion, and for working capital and general corporate purposes.
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