Life360 Inc (ASX: 360) shares have returned from their trading halt on Friday and are dropping into the red.
At the time of writing, the location technology company's shares are down 3.5% to $14.16.
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Why were Life360 shares in a trading halt?
The high-flying ASX tech stock was placed into a trading halt yesterday as it finalised its Nasdaq IPO.
This is now complete with Life360 shares trading on Wall Street overnight under the (NASDAQ: LIF) ticker.
And the good news for shareholders is that the company's shares didn't have a terrible start to life on the Nasdaq boards. More on that soon.
Nasdaq IPO
After the market close on Thursday, Life360 revealed that it had finalised the pricing of its initial public offering in the United States.
It was offering a total of 5,750,000 shares of its common stock at an initial public offering price of US$27.00 per new share.
Life360 advised that it intends to use the net proceeds it receives from the offering to increase its capitalisation and financial flexibility, to create a public market for its common stock in the United States, and for general corporate purposes, including working capital, operating expenses and capital expenditures.
Management also stated that it "views the Offering and increased exposure to U.S. investors as a natural next-step in its growth."
What is Life360?
In case you're not familiar with the company. Life360 is a family connection and safety company aiming to keep people close to the ones they love.
Its category-leading mobile app and Tile tracking devices allow members to stay connected to the people, pets, and things they care about most. This is through a range of services, including location sharing, safe driver reports, and crash detection with emergency dispatch.
At the last count, Life360 was serving approximately 66 million monthly active users (MAU) across more than 150 countries.
Wall Street debut
As I mentioned at the top, Life360 shares were offered at US$27.00 per new share to investors in the United States.
During a relatively subdued session on Wall Street, they traded as low as $26.00 and as high as $27.26.
And at the end of Thursday's night session they closed at $27.00, which is exactly where they started it.
But with the Nasdaq index falling 0.1%, this can be described as a reasonably positive debut for the tech stock. But perhaps not the explosive start that many investors were hoping for.
