Groupon, inc. stock price fell 7.6 percent on Monday, hitting a new low of below $9 per share. The Chicago-based company’s market value has dropped below the $6 billion buyout that Google offered in late 2010.
Instead of agreeing to Google’s acquisition, Groupon chose to go public, making its debut on the Nasdaq exchange last November.
Although Groupon’s financial disclosure in its June 2011 IPO filing drew criticism for its unorthodox accounting measures, the deal-of-the-day company’s shares soared about 31 percent on its debut day, but the gains did not last long.
After a series of trials and errors, the company reported narrower losses and better sales last month than analysts had predicted for the second quarter.
Meanwhile, Facebook’s shares continued in a downward spiral, hitting a new low on Monday at $26.90. The stock has dropped about 30 percent since the social network company’s IPO on May 18.
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