Last Friday, the Esports Technologies (NASDAQ: EBET) stock emerged as one of the major gainers after it soared sharply following its IPO on April 15. Experts suggest that the interest in the stock was primarily driven by the fact that the company runs an online gambling platform.
However, things have changed quite dramatically this morning. After having hit a high of $54 a share on Friday, the stock has lost around 65%. This morning the stock has gone down by 26% already and trading at $18.80 a share.
In this regard, it should be noted that the company is primarily involved in online betting related to competitive gaming and esports. In addition to that, it is interesting that Esports Technologies even raised the size of its IPO before its debut on April 15. After the expansion of the size of the IPO, the company offered 2.4 million with the hope of raising $14.4 million.
Finance and Entertainment Reporter
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