RTTNews | Jul 7, 2021 10:04AM EDT

10:03 Wednesday, July 7, 2021 (RTTNews.com) - Pop Culture Group Co., Ltd (CPOP) shares are sliding on Wednesday morning trade, continuing a decline after surging at the IPO. There were no stock-specific news to drive the stock down today.

The company had announced the closing of $37.2 million IPO on July2. The proceeds from the Offering will be used 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.

Currently, shares are at $26.99, down 14.43 percent from the previous close of $31.54. For the 52-week period, the shares have traded in a range of $12.26-$78.00 on average volume of 3,459,325.

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