Digital Cinema company Moving Image Technologies Inc. recently announced its IPO. It released 4,200,000 shares of common stock. Each share was priced at $3.00. The company hopes to raise $12.6 million before underwriting discounts and commissions. It wants to use net proceeds from the IPO to expand its marketing and sales activities. The only underwriter for the offering was Boustead Securities, LLC.
A second day drop
After an initial jump in price that saw shares reach $25.03, the value fell to $16.36. While the share price continues to drop, it is nevertheless far higher than the company’s initial IPO of $3. Moving Image Technologies has an operating loss of $953 million and a net loss of $1.15 million for the first nine months of 2021.
According to University of Florida’s Ja…