Semilux International (NASDAQ:SELX) stock is falling on Monday as the optical technology company’s shares give up unexpected gains on Friday.
SELX stock has been volatile recently, with its shares jumping 69% during normal trading hours on Friday. That came without any clear news concerning Semilux International.
Instead, shares of SELX stock were lifted higher with heavy trading. That saw more than 9.4 million shares change hands that day. For the record, the company’s daily average trading volume is closer to 658,000 shares.
It’s worth noting that SELX stock only went public in mid-February. This followed a merger between it, Taiwan Color Optics and the special purpose acquisition company (SPAC) Chenghe Acquisition.
Following that SPAC merger, Semilux International completed a $50 million stock purchase agreement with White Lion Capital. It will use these funds as working capital for its ASIC, LiDAR, and ADB technologies.
SELX Stock Movement on Monday
Following its surprise rally on Friday, shares of SELX stock are down 16% as of Monday morning. That comes alongside some 478,000 shares changing hands. This is closing in on its daily average trading, even if it’s nowhere close to Friday’s movement.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
