Why Are Multi Ways (MWG) Holdings Stock Plunging Today

Multi Ways Holdings Limited MWG shares are trading lower Monday. There is no specific company-related news.
The supplier of a wide range of heavy construction equipment confirms that it is unaware of any material or undisclosed information related to the company that would account for the recent decrease in the market price and increase in the level of trading volume of its shares.
Multi Ways is unaware of any undisclosed material change in the company's business, operations, or affairs that would account for recent trading activity.
Multi Ways Holdings began trading on the NYSE American on April 3, and shares have seen marked volatility throughout the month. Amid post-IPO fluctuations, the stock has seen a high of $16.33 and a low of $3.00 in April.
In April, Multi Ways Holdings priced its initial public offering of 7,240,000 ordinary shares at a public offering price of $2.50 per share.
The stock has lost over 77% in the last month. It shed 66% in stock value last week.
Price Action: MWG shares traded lower by 26.90% at $1.47 on the last check Monday.

Why Are Multi Ways Holdings Stock Plunging Today