MGO Global Inc., which manages the clothing and lifestyle brand of football star Lionel Messi, plunged in its initial trading session after earlier more than tripling in price, the latest in a series of wild debuts for US small-cap listings.
Shares jumped 232% during their first 90 minutes of trading after MGO’s initial public offering raised $7.5 million. But by early afternoon, the stock had completely erased the run up and fell below the $5.00 offering price. About 14.2 million shares changed hands during the volatile session, which closed with the stock down 7%.
