The tape shows mixed results for last week’s micro-cap IPOs. One deal – The NFT Gaming Co. (NFTG) – popped up nearly 10 percent to open at $4.55 on Wednesday (Feb. 15, 2023), only to close at $4.05 – down 2.4 percent from its $4.15 IPO price. The other deal – Bullfrog AI Holdings (BFRG/ BFRGW) – opened at $5.30 – 18.5 percent below its $6.50 IPO price on Valentine’s Day (Tuesday, Feb. 14, 2023) – and slid some more to end at $4.76, down 26.8 percent. Sadly, there was no Disney fairy-tale ending for this frog. He did not have the chance to kiss a princess at midnight and turn into a prince.
In contrast, both of last week’s small-cap SPAC IPOs booked solid gains:
Mars Acquisition Corp. (MARXU) – Gained 1.7 percent on its first day of trading and finished the week up 1.8 percent from its IPO price
Distoken Acquisition Corp. (DISTU) – Rose 1.9 percent on its first day of trading and ended the week up 1.9 percent from its IPO price