Shares of fabless integrated circuit design company Nano Labs (NASDAQ:NA) have continued yesterday’s nosedive in today’s pre-market session after its registered public offering of American Depository shares for gross proceeds of about $5 million.
Under the offering, Nano Labs will sell about 2.08 million shares and underwriters have an option to purchase up to 312,500 ADSs.
Is Nano Labs Stock a Buy?
While Wall Street analysts are yet to track Nano Labs stock, a beta of 6.15 makes NA stock a risky bet. Further, a nearly 63% slide in the share price in the past month alone warrants caution.
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