SmileDirectClub shares sink 28 percent

After SmileDirectClub's debut on the Nasdaq, its stock fell 28 percent Sept. 12, the worst market debut this year for a startup valued at $1 billion or more, according to CNBC.

SmartDirectClub priced its initial public offering at $23 a share, opening Sept. 12 at $20.55 and closing at $16.67.

Out of the 109 companies that have gone public in 2019, SmileDirectClub's debut was the fifth worst.

"We're here to build long-term value with the stock," SmileDirectClub co-founder Alex Fenkell told CNBC Sept. 12. "How [the stock] priced today I don't think is going to dictate what we're doing here."

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