Shares of cloud computing provider SCX.ai slid as much as 30 per cent after listing despite founder David Keane touting that the company’s low energy needs and air-cooled chips would give it an edge in the race to power artificial intelligence.
The company’s stock, which was priced at 30¢ per share at its public listing, debuted at 26¢ and then sank to as low as 20¢ on Friday before closing at 25¢ after the company raised $40 million from investors. The public offering was anchored by cornerstone investors Ellerston Capital, Wilson Asset Management and Frazis Capital Partners.
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