Elauwit Connection (ELWT) shares slid 14% in recent Wednesday trading in their debut on Nasdaq after the company priced its initial public offering of about 1.7 million shares at $9 per share.

The stock opened at $8.75 and fell as low as $7.05.

The IPO is expected to close Thursday, said Elauwit, which designs, builds and operates broadband and WiFi networks.

Elauwit granted underwriters a 45-day option to buy up to 250,050 additional shares at the IPO price.

Without the exercise of this overallotment option, the company said it expects gross proceeds of about $15 million.

The net proceeds will be used to repay debt, pay deferred compensation, for project deployments, sales and marketing organizational development, working capital and general corporate purposes, the company said.

Price: 7.70, Change: -1.30, Percent Change: -14.44