RTTNews | Nov 30, 2021 10:30AM EST

10:30 Tuesday, November 30, 2021 (RTTNews.com) - AeroClean Technologies, Inc. (AERC) shares are sliding more than 50 percent on Tuesday morning trade after closing of the initial public offering of 2,514,000 shares at a price of $10 per share. The company said the partial exercise of the over-allotment option also is done. The proceeds from the IPO will be used for production, sales, and distribution of its air purification devices product development effort and establishing consumables and services business.

The shares have been on a rally since November 24 after debuting at $40 and started to decline yesterday.

Currently, shares are at $58.82, down 50.12 percent from the previous close of $117.35 on a volume of 1,089,781. For the 52-week period, the shares have traded in a range of $40.00-$117.35 on average volume of 432,233.

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