|Company Name||Tuya Inc.|
On March 18, 2021, Tuya conducted its initial public offering (“IPO”) of its American Depositary Shares (“ADSs” or “shares”), selling 45,076,479 ADSs at $21 per ADS.
On August 19, 2021, Tuya reported disappointing financial results for second quarter 2021. During the related conference call, the Company attributed the results to a “series of challenges” affecting its customers, “including Amazon's strict execution of seller policy, rising raw material prices and shortage of semiconductor components.”
On this news, the Company’s share price fell $1.74, or 14%, to close at $10.41 per ADS on August 19, 2021. As of market close on October 27, 2021, Tuya ADSs were trading as low as $7.01, or 66% below the IPO price.
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