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The IPO Buzz: HiTek Global (HKIT) Climbs in NASDAQ Debut After Flat Open at $5.00

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Shares of HiTek Global (HKIT) popped above $6.00 – up more than $1.00 from their $5.00 IPO price – after a flat start today (Friday, March 31, 2023) in their NASDAQ debut. HiTek Global, the Cayman Islands holding company of a Chinese IT consulting business, priced 3.2 million shares – down from 4.0 million shares in the prospectus – at $5.00 apiece on Thursday night (March 30, 2023). The IPO raised $16.0 million – 20 percent less than the $20.0 million in estimated IPO proceeds. HiTek Global was among a trio of micro-cap IPOs priced on Thursday night – plus one NYSE uplisting deal – as bankers rushed to book some more business before writing “finis” on the first quarter of 2023. R.F. Lafferty & Co. and Pacific Century Securities were the joint book-runners. HiTek Global’s stock opened at 11:39 a.m.  EDT today at $5.00 – the same as its IPO price – in its NASDAQ debut. By 12:02 p.m. EDT, HiTek Global was trading at $6.11. Two hours later, HiTek Global was trading at $5.66 – up 13.2 percent from its IPO price. Volume for the day so far stands at around 1.51 million shares. HiTek Global (HKIT) is the holding company of a Chinese business that provides IT consulting and solutions services (software and related services) to small and medium businesses in China as well as services (hardware and software sales) to large businesses in  China, the prospectus says. The Chinese business is based in Xiamen City in Fujian Province. For the 12 months that ended June 30, 2022, HiTek Global earned net income of $1.44 million on revenue of $6.33 million. (For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on IPOScoop.coms website.) Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board.  To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message.  Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions. Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.


Source: https://www.iposcoop.com/the-ipo-buzz-hitek-global-hkit-climbs-in-nasdaq-debut-after-flat-open-at-5-00/



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