US Goldmining Stock Down 4.84% Since IPO

US Goldmining USGO opened up its shares for public trading for the first time since it filed for IPO in April 2023. The company agreed to initially offer 2.00 million shares to the public at $10.00 per share. On its first day of trading, the stock fell 4.84% from its opening price of $9.5 to its closing price of $9.04.

US Goldmining Performance On First Day of Trading

About US Goldmining and It's IPO

U.S. GoldMining Inc. is an exploration and development company focused on advancing the Whistler gold-copper project, located 170 km northwest of Anchorage, Alaska, USA.

For its IPO, USGO agreed to offer 2.00 million shares at a price of $10.00 per share, with an insider lock-up period of 180 days, ending on October 17, 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.

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