ParaZero Technologies Stock Down 11.98% Since IPO

ParaZero Technologies PRZO 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 1.95 million shares to the public at $4.00 per share. On its first day of trading, the stock decreased 11.98% from its opening price of $4.09 to its closing price of $3.60.

ParaZero Technologies Performance On First Day of Trading

About ParaZero Technologies and It's IPO

ParaZero Technologies Ltd. is an aerospace company that is focused on drone safety systems and engaged in the business of designing, developing, and providing what we believe are best-in-class autonomous parachute safety systems for commercial drones, also known as unmanned aerial systems or UAS.

For its IPO, PRZO agreed to offer 1.95 million shares at a price of $4.00 per share, with an insider lock-up period of 180 days, ending on January 23, 2024.

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.