Malaysian fintech Starbox stock slides for second day after rallying 1,055% in market debut

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Malaysian fintech Starbox (NASDAQ:STBX) stock slid for the second straight session Thursday after soaring over 1,000% in its market debut on Tuesday.

Shares of Starbox opened at $8.53, hitting a high of $9.40 in morning trading before sliding to a low of $7.03 in mid-afternoon. The stock recently changed hands at $7.11 at approximately 3:35 p.m. ET.

Starbox held a $20M initial public offering on Tuesday, offering 5M shares at $4 per share. The stock soared 1,055% to a session high of $46.21 during its first session on Tuesday before sliding to close at $15.40, up 285% from its IPO price.

Shares of Starbox fell 36% Wednesday, closing at $9.83.

Based in Malaysia, Starbox provides cash rebate, digital advertising and payment solution services to micro, small and medium-sized businesses.

For a more in-depth look at Starbox, check out SA contributor Donovan Jones’s “Starbox Group Holdings Aims for $23 Million US IPO”.

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