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Investing.com -- NusaTrip Incorporated (NASDAQ:NUTR), a travel ecosystem specializing in Southeast Asia and Asia-Pacific, began trading on the Nasdaq Capital Market Friday at $3.58 per share, falling below its initial public offering price of $4.00.
The company had priced its IPO at $4.00 per share, offering 3,750,000 shares of common stock for a total of $15.0 million in gross proceeds before deducting underwriting discounts and offering expenses.
NusaTrip granted the underwriter, Cathay Securities, Inc., a 45-day option to purchase up to an additional 562,500 shares of common stock to cover over-allotments. This represents 15% of the common stock sold in the offering at the same offering price less underwriting discounts.
CEO Tjin Patrick Soetanto said, "We look forward to utilizing these IPO funds to further establish and expand our unique business model – a one stop shop that finds the cheapest fares and rates for our customers by sourcing inventory from multiple countries and negotiating directly with airlines, consolidators, and hotel room suppliers."
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