YogaWorks Shares Tanking As Company Makes Market Debut At Lowered Price Range

Shares of YogaWorks Inc. tanked 16% Friday as the stock made its debut on the Nasdaq. YogaWorks priced its offering Thursday at $5.50 a share, the low end of its price range, and sold 7.3 million shares to raise $40 million. Shares opened at $5.50, but quickly tumbled to around $4.70 Friday afternoon. The price range had already been cut to $5.50 to $6.50 a share from its previous range of $12 to $14 a share. YogaWorks had attempted to go public at the end of July, but postponed the IPO citing "market conditions."Cowen, Stephens Inc. and Guggenheim Securities were the lead underwriters on the offering.