: Sacks Parente Golf’s stock turns 20% lower after hours after huge rally


Sacks Parente Golf Inc.’s stock SPGC gave back some of its stunning first-day-of-trading gains in the extended session Tuesday, down about 20%. The golf equipment maker’s stock, on its Nasdaq debut, closed more than 600% higher. The company upsized its initial public offering at pricing, which at $4 a share was on the low end of a proposed range of $4 to $5. The company sold 3.2 million shares to raise $12.8 million via sole underwriter the Benchmark Company, with proceeds earmarked for expansion into Asia, marketing and professional-tour-related expenses and working capital, among other needs.

This article was originally published by Marketwatch.com. Read the original article here.

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