Lichen China Stock Down 10.26% Since IPO

Lichen China LICN opened up its shares for public trading for the first time since it filed for IPO in May 2022. The company agreed to initially offer 4.00 million shares to the public at $4.00 per share. On its first day of trading, the stock decreased 10.26% from its opening price of $3.9 to its closing price of $3.50.

Lichen China Performance On First Day of Trading

About Lichen China and It's IPO

Lichen China Limited offers financial and taxation solution services, education support services, and software and maintenance services in China.

For its IPO, LICN agreed to offer 4.00 million shares at a price of $4.00 per share, with an insider lock-up period of 180 days, ending on August 05, 2023.

An insider lock-up period is a period of time after a company first goes public where major shareholders are not allowed to sell their shares. The insider lock-up period makes sure that the market does not get oversupplied with shares of the company.

Traders may short the stock leading up to the lockup-period expiration date in hopes that the price will fall due to an increase in supply of shares. Retail traders should be watching this stock's short interest as it moves closer to lockup expiration.

See also: Benzinga's Most Shorted Stocks

This article was generated by Benzinga's automated content engine and reviewed by an editor.