Property entities (NASDAQ: ASST), which develops and manages community servers for Discord ( DSCD ), saw its stock drop 30% after its $7.5 million initial public offering.
Shares of the property entity opened at $5.88, touching an early high of $6.98 before falling to a low of $3.18 in the early afternoon. The stock recently traded hands at $3.40 around 2:50 PM ET.
The company offered 1.5 million shares at $5 per share. The underwriters were given a 45-day option to purchase up to 225,000 additional shares at the IPO price to cover over-allotments. Boustead Securities serves as sole bookrunner.
Based in Texas, Asset Entities provides social media marketing services. The company also develops and manages servers for Discord communities, with a focus on content trading and investing.
For more on asset entities, see SA contributor Donovan Jones’ “Asset Entities Propose $7.5M Mini-IPO Terms.”