Javelin shares slip in trading debut
VERO BEACH, Fla. (AP) — Shares of Javelin Mortgage Investment Corp. fell slightly in their Wednesday debut on the New York Stock Exchange.
The company, which is organized as a real estate investment trust and invests in residential mortgage-backed securities, sold 7.3 million shares at $20 each. It is also selling 250,000 shares to the company's chairman, Daniel Staton, and board member Marc Bell for the same price, raising another $5 million.
The Vero Beach, Fla., company plans to use proceeds for investing in mortgages.
Shares shed 29 cents, or 1.5 percent, to $19.71 in morning trading.