Moving iMage (MITQ) IPO: Stock jumps 700% on NYSE debut - Kalkine Media

July 08, 2021 03:09 PM PDT | By Kiran Murali
Follow us on Google News:

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.


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.



Top Listed Companies