OBOOK Holdings (NASDAQ: OWLS), a blockchain technology company operating as the OwlTing Group, direct listed direct-list on the Nasdaq Global Market under the ticker symbol “OWLS.”
OBOOK’s Class A common shares opened at $68.00 but closed the day at $39.50, down by 29%. In after-hours trading, shares continued their decline, dropping by another 11.39% to $35.
OwlTing is based in Taiwan and has evolved from a hospitality firm to stablecoin payments.
Darren Wang, founder and CEO at OwlTing Group, called the listing on Nasdaq a landmark event.
“I want to extend my heartfelt gratitude to our employees, investors, partners, and customers for their unwavering support. Our direct listing not only reflects how far we have come, but also marks the beginning of our next chapter as we continue building regulated, scalable stablecoin infrastructure to support businesses worldwide. Our mission remains clear: to use blockchain technology to provide reliable and transparent data management, and to reinvent the global flow of funds for businesses and consumers.”
A direct listing evades the need for underwriters and the affiliated cost, as existing shareholders can trade their shares on an exchange, providing liquidity while raising the profile of a firm. No additional capital was raised in the listing.
