By Dean Seal
Actelis Networks Inc. shares fell 31% in the first few hours of their trading debut after the company raised about $15 million in an initial public offering priced at the low end of the projected range.
Shares were changing hands at $2.76 by midday Friday, below the IPO price of $4.
The networking solutions company sold 3.75 million shares in the offering. Earlier this month, it said that it would plan to sell 3 million shares at between $4 and $6 apiece.
Actelis, which offers hybrid fiber-copper solutions for bringing high-speed connections to hard-to-reach locations, said last month that it planned to use IPO proceeds to fund research-and-development efforts and for sales and marketing activities.
Write to Dean Seal at email@example.com