Mirae Asset was denied an allocation in SpaceX’s initial public offering due to a communications breakdown, according to reports from Bloomberg.
The incident underscores the intense competition for shares in the high-profile listing and the operational vulnerabilities that can arise during the allocation process for major institutional investors.
SpaceX shares have plunged 23% in early trading since their debut, wiping out approximately $600 billion from the company’s market capitalization.
The exclusion comes at a turbulent time for the aerospace company’s stock.
SpaceX shares have plunged 23% in early trading since their debut, wiping out approximately $600 billion from the company’s market capitalization.
The sharp repricing followed the company’s announcement that it would issue bonds for the first time, a move that spooked investors and triggered a broad sell-off.
The stock has since dropped below its initial public offering price, erasing all gains accumulated since the company’s market debut less than two weeks ago.