[SINGAPORE] Shares of semiconductor optics company MetaOptics dived as much as 18 per cent on Monday (Dec 8) morning.
The counter opened at S$1.26 on Monday before falling to S$0.995 at 10.04 am, down by over 20 per cent. It later climbed again to S$1.08 by 10.27 am.
As at 10.51am, shares of MetaOptics hit S$1.16, still down 7.9 per cent or S$0.10, after around 1.7 million securities were transacted.
The profit-taking by investors pales in comparison to the counter’s gains in the past three months since its listing in September. Its all-time high – achieved in recent days – stands at S$1.33, 6.65 times from its initial public offering (IPO) price.
MetaOptics launched its IPO at S$0.20 a share on Sep 9, with the company’s shares initially trading at S$0.24 on its debut on that same day.
Its steady incline was catapulted by its filing on Nov 17, which noted the semiconductor optics company’s proposed Nasdaq listing.
The US listing would bring MetaOptics closer to important contacts in the space who were “potential key customers,” said the company.
In addition, a fully owned US subsidiary in late October was said to be established by the group, which was said to advance next-generation optical technologies and “strengthen cross-border collaborations” in semiconductor manufacturing, integrated photonics and nanophotonics.
The news of MetaOptics’ planned listing on the Nasdaq came right before the announcement on Nov 29 of SGX-Nasdaq dual listing, set to debut in 2026.
The semiconductor optics group on Dec 1 also proposed to raise S$4.85 million via a share placement. A bourse filing showed that 6,685,028 new ordinary shares at S$0.7255 per placement share were on offer.
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