Published: August 17, 2023 at 12:59 pm ET
By Will Fire
Shares of Sacks Parente Golf slipped in midday trade, falling below the company’s IPO price and continuing the decline that began Wednesday.
The stock recently traded at $3.45, down nearly 23% from Wednesday’s close of $4.47.
The…
By Will Fire
Shares of Sacks Parente Golf slipped in midday trade, falling below the company’s IPO price and continuing the decline that began Wednesday.
The stock recently traded at $3.45, down nearly 23% from Wednesday’s close of $4.47.
The decline follows a six-fold rise in the company’s stock price on Tuesday’s IPO. The stock closed Tuesday at $28.97 a share.
However, the Camarillo, California-based golf equipment company has now given back all of its IPO profits. The company has priced its IPO for 3.2 million shares at $4 each.
Sacks Parente Golf reported revenue of $190,000 last year, compared to $200,000 in 2021. According to regulatory filings, the company’s loss widened to $3.5 million for the year from $302,000 a year earlier 2022.
Write to Will Feuer at [email protected]
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