AUS
NZ
UK
CA
USA
IND
Summary
- The California-based digital cinema company priced its IPO at US$3 per share.
- Moving iMage stock ended first-day trading on NYSE at US$24.
- The company raised US$12.6 million by offering 4.2 million shares
Moving iMage Technologies (NYSE:MITQ) stock soared 700 percent on its first trading day on the New York Stock Exchange Thursday.
The digital cinema company’s shares opened for trading at US$12, much higher than its initial public offering, or IPO, price of US$3. The stock rallied up to US$27.31 before settling at US$24 on Thursday evening.
Moving iMage raised approximately US$12.6 million by selling 4.2 million shares in the IPO at US$3 apiece. The company will use the proceeds from the offering to expand its sales and marketing, as well as for working capital.
Boustead Securities was the underwriter for the IPO. The underwriter has an option to buy 630,000 more shares at the offering price within 45 days.
READ MORE: Planet Labs (PL): All you need to know about $2.8B SPAC deal
What does Moving iMage do?
The California-based company designs and manufactures equipment and products and services for motion picture exhibitions.
Moving iMage’s services include custom engineering, cinema design and digital technology solutions as well as integration and installation. The company’s Caddy Products division offers cupholders and seating-based products such as armrests for theatres and stadiums.
Moving iMage is also the licensed reseller and distributor of products of a number of companies, including display maker NEC, Dolby, digital projection and imaging technology company Barco, audio product maker QSC, screen technology company Harkness Screens and lamp suppliers Phillips/LTI and Osram.
READ MORE: Krispy Kreme IPO: DNUT stock jumps 23% on NASDAQ debut
Source: Pixabay
READ MORE: Confluent (CFLT) IPO: Stock jumps 25% on market debut
Revenue and income update
In the fiscal year ended June 30, 2020, Moving iMage generated US$16.4 million revenue, of which US$15.7 million came from its products segment. Net loss increased to US$883,000 from US$35,000 in the previous fiscal year.
Meanwhile, the company reported revenue of US$5 million for the nine months ended March 31, 2021, compared with US$15 million in the year-ago period. Net loss came in at US$1.1 million, against the US$386,000 loss in the comparable period the previous fiscal year.
Please note: The above constitutes a preliminary view and any interest in stocks/cryptocurrencies should be evaluated further from an investment point of view.
