OBOOK, the parent company of OwlTing, fell below $10! Listed on Nasdaq, it has lost 85% in one week
OBOOK Holdings, the parent company of OBOOK, was listed in the United States. The stock price soared 580% in the first week and then dropped back to the recommended issuance price.
(Preliminary summary: Taiwan's Odingin Group's Nasdaq listing "surged to the point of circuit breaker", and then the price fell rapidly)
(Background supplement: Taiwan's stablecoin infrastructure company Odingin went public in the United States! Directly listed on Nasdaq on 10/16, stock code OWLS)
October's Nasdaq welcomed Taiwan's blockchain recruit "Odingin" parent company OBOOK Holdings (OWLS), on October 16 On the same day, it was listed on Nasdaq through direct listing. The stock price soared from the reference price of 10 US dollars to 68 US dollars, a surge of 580%. It gave up nearly 20% at the close. It was cut in half several times in the next few days, and the climax subsided in less than a week. The pre-market quote at press time was $10.33
The test of fire after the mania
Direct listing lacks a green shoe mechanism (during the initial public offering (IPO), the underwriters obtain the right to sell no more than 15% of the original issued shares above the issue price). Insider holdings can be sold immediately. Market participants speculate that Odingding may be under heavy selling pressure as a result.
The listing bell is just a warning, and the market will then look at solid cash flow or product narrative. OWLS's next earnings report will reveal fundamentals, which will truly determine whether this owl can continue to fly.
