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Sept. 12, 2019, 12:01 p.m. EDT

SmileDirectClub's stock opens with a thud

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By Tomi Kilgore

Shares of SmileDirectClub Inc. /zigman2/quotes/214109287/composite SDC +2.53% didn't get off to a great start Thursday, as the teeth-straightening company's stock opened 10.7% below the $23 IPO price. The first trade was at $20.55 at 11:58 a.m. Eastern for 8.5 million shares. The stock has fallen further since, and was recently trading 15% below the IPO price. The decline was likely a surprise to the company and investors, as the IPO priced above the expected range of $19 to $22. The company has recorded a net loss of $52.9 million on revenue of $373.5 million in the six months ended June 30, compared with the losses of $32.8 million on revenue of $145.95 million in the same period a year ago. The company went public at a time that the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO +0.99% has slipped 1.0% over the past three months while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.50% has gained 4.7%.

Read the full story:
SmileDirectClub went public: 5 things to know about the teeth-straightening startup

/zigman2/quotes/214109287/composite
US : U.S.: Nasdaq
$ 8.10
+0.20 +2.53%
Volume: 3.49M
July 1, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$3.04 billion
Rev. per Employee
N/A
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/zigman2/quotes/207665280/composite
US : U.S.: NYSE Arca
$ 40.84
+0.40 +0.99%
Volume: 42,853
July 1, 2020 3:59p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,115.86
+15.57 +0.50%
Volume: 2.70B
July 1, 2020 5:11p
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