Atlas Energy Solutions (NYSE:AESI) opened up its shares for public trading for the first time since it filed for IPO in January 2023. The company agreed to initially offer 18.00 million shares to the public at $18.00 per share. On its first day of trading, the stock fell 3.14% from its opening price of $17.5 to its closing price of $16.95.
Atlas Energy Solutions Performance On First Day of Trading
About Atlas Energy Solutions and It's IPO
Atlas Energy Solutions Inc is a leading provider of proppant and logistics services to the oil and natural gas industry within the Permian Basin of West Texas and New Mexico, the most active oil and natural gas basin in North America
For its IPO, AESI agreed to offer 18.00 million shares at a price of $18.00 per share, with an insider lock-up period of 180 days, ending on September 05, 2023.
An insider lock-up period is a period of time after a company first goes public where major shareholders are not allowed to sell their shares. The insider lock-up period makes sure that the market does not get oversupplied with shares of the company.
Traders may short the stock leading up to the lockup-period expiration date in hopes that the price will fall due to an increase in supply of shares. Retail traders should be watching this stock's short interest as it moves closer to lockup expiration.
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This article was generated by Benzinga's automated content engine and reviewed by an editor.