Eastern International (ELOG) said Friday it closed its initial public offering of 1.6 million shares at $4 apiece for gross proceeds of $6.4 million.
The company said it granted its book-running manager Maxim a 45-day overallotment option to buy up to an additional 240,000 shares at the offering price.
Shares, which started trading on Nasdaq Thursday under the ELOG ticker, were down 7.1% in recent afternoon trading.
Price: 2.75, Change: -0.21, Percent Change: -7.06
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