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Stock Alert: United Time Technology Down 30%

United Time Technology Co., Ltd. (UTME) shares are sliding on Thursday morning trade after the mobile device manufacturing company announced pricing for its initial public offering or IPO offering of 3,750,000 at $4.00 per share on Tuesday. The shares had surged on its debut on Tuesday.

Currently, shares are at $56.77, down 30.91 percent from the previous close of $82.17. The company expects gross proceeds of $15 million from the offering.

For the 52-week period, the shares have traded in a range of $11.40-$107.33 on average volume of 4,408,450.

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