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- Knightscope (NASDAQ:KSCP) shares shot up 95% in afternoon trading Friday, rebounding from a 41% drop posted after the security robot developer’s initial public offering on Thursday.
- Shares of Knightscope last changed hands at $11.55, up 95%, at approximately 1:00 p.m. ET.
- Earlier Friday, Knightscope announced that security company Securitas had added one of Knightscope’s K5 robots to its security plan for a major US finance company. The robot will be used to help prevent theft and loitering at a parking facility.
- On Thursday, Knightscope stock closed down 41% after opening at $14.44 and pricing at $10. The stock rose as high as $15.48 before reversing course to finish its first session in the red.
- Mountain View, Calif.-based Knightscope (KSCP) develops autonomous security robots, or ASRs, for indoor and outdoor surveillance use. The company operates on a “Machine-as-a-Service” business model, whereby clients rent ASRs for a monthly fee that also includes various maintenance, software and data services.
- The company said proceeds from the IPO would be used to fund further development and the manufacture of its K1, K3 and K5 ASR models.
- Knightscope said in a release on Jan. 26 that it had raised $22.4M through the sale of 2.2M shares for its IPO.