AMTD Digital’s stock extends pullback after seesaw morning trading

Shares of AMTD Digital Inc. slipped 1.2% in seesaw morning trading Friday, adding to the 52.4% pullback over the past two days. The Hong Kong-based digital business developer’s stock has whipped around since the opening bell, from an intraday gain of as much as 15.0%, to a decline of as much as 4.1%, then to a gain of 12.4% before pulling back again. The stock has still rocketed 1,702% since July 25, which was the day before an unexplained meteoric rally that took the stock up 3,729% in six days to a Aug. 3 close of $1,679, before the current pullback. The company disclosed early Friday that underwriters of its initial public offering have fully exercised their options to buy an additional 2.4 million American depositary shares (ADS) at the IPO price of $7.80, to increase the company’s IPO proceeds by $18.72 million, to $143.52 million.

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