Pop Culture(NASDAQ:CPOP) stock is rocketing higher on Thursday after the company launched its initial public offering (IPO) yesterday.
Let’s take a deeper dive into Pop Culture and its recent IPO.
- To start off with, Pop Culture is a Chinese company based out of Xiamendedicated to promoting hip-pop culture.
- Its goal is to “promote hip-hop culture and its values of love, peace, unity, respect, and having fun, and to promote cultural exchange with respect to hip-hop between the United States and China.”
- This has it offering up entertainment events, online programs, and other services with the younger generation as its primary target.
- Pop Culture launched its IPO yesterday that put shares of CPOP stock on theNasdaq Exchange.
- This saw it offering 6.2 million shares of CPOP stock at a price of $6 each.
- The company expects to generate $37.2 million from the offering.
- There’s also a 45-day option for underwriters of the IPO to purchase an additional 930,000 shares at the IPO price.
- The offering is expected to close tomorrow.
- Pop Culture already has plans for the money it gains from the IPO.
- That includes using it to “develop and operate online content, develop a street dance training business, create derivative works of hip-hop intellectual properties, and develop hip-hop events, and for working capital and other general corporate purposes.”
- While CPOP is currently trading well above the penny stock range, investors may still want to be careful when investing considering its low price before the massive surge yesterday and today.
CPOP stock was up 99.7% as of Thursday morning.
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