Why Lizhi Stock Plummeted 33.4% Last Month
Shares of Lizhi (NASDAQ: LIZI) dipped 33.4% in April, according to data from S&P Global Market Intelligence. The China-based audio platform company's stock soared 144.2% in February and then climbed 13.5% in March, but investors cooled on it last month after management moved forward with its plans to raise funds through new stock offerings. The company revealed on April 13 that it had closed its offering for roughly 3.85 million American depositary shares at a price of $8.14 per share, raising $30 million.
