Shares of AeroClean Technologies Inc. rallied as they began trading on the Nasdaq Capital Market.
At 11:25 a.m. ET, the company’s shares were trading at $81.07, having opened at $40. Volume at the time topped 121,000 shares.
Trading in the stock had been halted several times due to volatility.
On Tuesday, AeroClean said it was pricing its initial public offering of 2.5 million shares at $10 each.
AeroClean Technologies said it expects to use proceeds from the IPO to fund production of its air purification devices, to support the build-out of its organization and for other efforts.