Level Brands Inc., a licensing and marketing company focused on corporate brand management, closed its initial public offering on Thursday and shares are down 8 percent Friday, the first day of trading on the NYSE.
Level Brands began trading at $6 per share, but shares fell to $5.52.
The company priced its IPO at $6 per share, selling 2 million shares, according to a filing with the Securities and Exchange Commission.
The company’s stock trades under the ticker LEVB.
Underwriters for the offering were Joseph Gunnar and Co. LLC and TriPoint Global Equities LLC.
“We are delighted that Level Brands Inc. has chosen to list on NYSE American,” said NYSE Global Head of Listings John Tuttle in the filing. “We look forward to partnering with Level Brands as it continues to grow and support socially conscious consumer lifestyle, beauty and entertainment companies.”
Level Brands was formed in 2015 and has reported net losses to common shareholders of $1.1 million for that year and $3.3 million in 2016. As of nine months ended June 30, 2017, the company reports a net loss to common shareholders of $1,400,406.
The company expects to use the proceed for licensing fees, brand development and working capital.
This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism