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May 18, 2022, 2:02 p.m. EDT

Vedu stock plunges, a day after rocketing more than 6-fold in Nasdaq debut

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By Tomi Kilgore

Shares of Visionary Education Technology Holdings Group Inc. /zigman2/quotes/235213326/composite VEDU +2.99% plummeted 73.7% in afternoon trading Wednesday, to pace all decliners on a bad day for the major U.S. exchanges, a day after the Canada-based private education provider went public on the Nasdaq with a bang. The stock had closed Tuesday, it's first day of trading, at $25.00, or 525% above the $4 initial public offering price. Even with the Wednesday's plunge, the stock was still 64.5% above its IPO price. The company had raised $17.0 million in the IPO, as it sold 4.25 million shares to the public. With 39.25 million shares outstanding after the IPO, the company is currently valued at $258.3 million. Vedu's stock selloff on Wednesday comes as the Nasdaq Composite /zigman2/quotes/210598365/realtime COMP -1.51% tumbled 4.5%, the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.51% sank 3.8% and the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO -0.14% dropped 4.8%.

/zigman2/quotes/235213326/composite
US : U.S.: Nasdaq
$ 0.89
+0.03 +2.99%
Volume: 66,828
Sept. 30, 2022 3:59p
P/E Ratio
2,967
Dividend Yield
N/A
Market Cap
$33.92 million
Rev. per Employee
N/A
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/zigman2/quotes/210598365/realtime
US : Nasdaq
10,575.62
-161.89 -1.51%
Volume: 4.74B
Sept. 30, 2022 5:16p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,585.62
-54.85 -1.51%
Volume: 2.22B
Sept. 30, 2022 5:55p
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/zigman2/quotes/207665280/composite
US : U.S.: NYSE Arca
$ 28.40
-0.04 -0.14%
Volume: 31,596
Sept. 30, 2022 4:00p
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