Benzinga | Jul 8, 2021 12:07PM EDT

Moving iMage Technologies Stock Hits Circuit Breaker Twice After Pricing IPO At $3 Per Share

* Digital cinema company Moving iMage Technologies (NYSE:MITQ) priced 4.2 million shares at $3 per share to raise $12.6 million in its initial public offering.

* The shares began trading today on the NYSE under the symbol "MITQ."

* The stock continued to trade higher and hit the circuit breaker twice. The last halt is at $15.87.

* The underwriter can purchase up to an additional 630,000 shares within 45 days from the offering date.

* It will utilize the offering proceeds to fund the expansion of its sales and marketing activities, with the balance added to working capital.

* Boustead Securities, LLC acted as the sole underwriter for the offering.