Capnia prices $10.7M IPO

Capnia Inc. (NASDAQ:CAPN) lost $2.62 (40%) to $3.88 in its first day of trading Thursday after it raised $10.7 million through the sale of 1.7 million units at $6.50 in its IPO on NASDAQ. Each unit comprises a share and a series A and series B warrant to purchase an additional share at the IPO price. The series A warrants expire Nov. 12, 2019, while the series B warrants expire Feb. 12, 2016.

Maxim Group and Dawson James Securities were underwriters. National Securities was listed as a third underwriter in prior regulatory filings as late as Wednesday, but did not participate in the offering. ...