On April 22, 2010, Mitel became a public company, listed on Nasdaq with the symbol MITL, and its initial offering stood at $14 per share. Within a year, the stock price had dropped to $5.50 and was described by CNBC's Jim Cramer as one of the worst IPOs of the year. Cramer blamed excessively optimistic pricing, excessive debt and the fear that company insiders would sell, dropping the stock value.
