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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 -3.92% 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 +0.90% tumbled 4.5%, the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.06% sank 3.8% and the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO +2.52% dropped 4.8%.

/zigman2/quotes/235213326/composite
US : U.S.: Nasdaq
$ 1.47
-0.06 -3.92%
Volume: 752,742
July 1, 2022 4:00p
P/E Ratio
0.58
Dividend Yield
N/A
Market Cap
$60.05 million
Rev. per Employee
N/A
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/zigman2/quotes/210598365/realtime
US : Nasdaq
11,127.85
+99.11 +0.90%
Volume: 4.11M
July 1, 2022 5:16p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,825.33
+39.95 +1.06%
Volume: 2.20B
July 1, 2022 5:45p
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/zigman2/quotes/207665280/composite
US : U.S.: NYSE Arca
$ 30.87
+0.76 +2.52%
Volume: 144,905
July 1, 2022 4:10p
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