WISCONSIN (CoinChapter.com) — Here are the five stock market losers:
Sacks Parente Golf Inc. (NASDAQ: SPGC)
Sacks Parente Golf Inc. (NASDAQ: SPGC) stock slid by nearly 80% on Wednesday in what could be described as a startling turn of events. This comes after the golf brand secured the title of 2023’s best initial public offering (IPO) on a US exchange a day prior.
Starting at an impressive $4 a share on its NASDAQ debut on Tuesday, the stock had closed up a whopping 624% at approximately $29. However, investor sentiment shifted drastically, leading to a steep drop to $5.80 one day later.
Coherent Corp. (NYSE: COHR)
Coherent’s Corp. (NYSE: COHR) stock took a significant hit on Wednesday as the company’s disappointing outlook overshadowed fourth-quarter earnings that beat Wall Street estimates. Despite posting adjusted earnings of $0.41 per share on sales of $1.21 billion, significantly surpassing the average analyst forecast of $0.38 per share on sales of $1.15 billion, the news was not well-received.
Investors focused instead on the company’s guidance and the 29% decline in adjusted net income. The guidance result instead cast a shadow over revenues that had increased around 36% year-over-year.
Energous Corp. (NASDAQ: WATT)
Shares of Energous Corp. (NASDAQ: WATT) experienced a significant downturn, with a drop of over 31% following the announcement of a 1-for-20 reverse stock split effective August 16, 2023. WATT has fluctuated between $2.55 and $31.34 in the past 52 weeks.
The impending reverse stock split will consolidate every 20 shares of common stock into one, with Equiniti Trust Company acting as the exchange and transfer agent.
SRM Entertainment Inc. (NASDAQ: SRM)
SRM Entertainment, Inc. (NASDAQ: SRM), a renowned toy and souvenir designer and developer, saw its shares slide Wednesday, stirring mixed reactions among investors. Yesterday the company had an IPO priced at $5.00 per share.
The company offered 1,250,000 shares of its common stock, with the gross proceeds expected to reach approximately $6.25 million. There was no fresh news to facilitate today’s sell-off, as profit-taking was the primary reason.
LQR House Inc. (NASDAQ: LQR)
LQR House Inc. (NASDAQ: LQR), a firm seeking to establish itself as the definitive digital marketing and brand development hub in the alcoholic beverage industry, finalized its initial public offering (IPO) on August 10, 2023. As often happens after an IPO, shareholders sold for profits Wednesday. There was no news released today, which affected the sell-off.
Available IPO shares totaled 1,000,000 of common stock at $5.00 per share. The IPO’s underwriters fully exercised their over-allotment option, purchasing an additional 150,000 shares of common stock at the closing. Total gross proceeds from this IPO reached a significant $5,750,000.
