Life360 shares dip on ASX after Nasdaq debut
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The news: Shares in Life360, the US technology company behind the popular family tracking app of the same name, dived on the ASX the morning after its first trading day on the Nasdaq.
The numbers: Life360 shares were down 4.8% to $13.98 by 12:20pm AEST. The ASX-listed company debuted on the Nasdaq overnight and closed at its listing price of USD27 ($40).
The shares, trading under the ticker LIF, opened at USD26 but recovered to close at USD27.
The context: The San Francisco-based company announced that it would list on the Nasdaq in May. On Thursday, Life360 said the IPO will be used to increase its capitalisation and financial flexibility, create a public market for its common stock in the US and for general corporate purposes, including working capital, operating expenses and capital expenditures.
