Vida Global Inc. (VIDA) is having a rougher Friday. The software-as-a-service company's stock is sliding as traders cash in on gains from Thursday's 18% rally. It's been a volatile first week for the newly public company, which closed its IPO on Monday.
The Austin-based firm runs a cloud-based AI agent operating system that lets businesses build and manage omnichannel AI agents. That AI focus helped fuel the initial excitement, along with a broader market tailwind from the Nasdaq and S&P 500 earlier in the week.
Vida's IPO raised $15 million, with 3.75 million shares sold at $4 each. The stock began trading on the NYSE American and NYSE Texas on May 15.
On Thursday, the company announced it had listed its tokenized equity, called VIDAx, on Payward's xStocks framework, which is accessible through the Kraken platform. That news drove massive trading volume.
Lyle Pratt, Vida's founder and CEO, said in a statement: "Our listing on the xStocks platform through Kraken opens a meaningful new channel to international investors who are increasingly engaging with U.S. equities through digital assets. We believe when combined with our NYSE American and NYSE Texas listings, Vida's tokenized equity access presents a strong foundation for building a truly global investor base."
As of Friday's premarket session, VIDA stock was trading at $4.29, down 12.98%.
