Crovahightech Withdraws Decision on Third-Party Allocation Paid-in Capital Increase

[Asia Economy Reporter Eunmo Koo] Crovahightech announced on the 16th that it has decided to withdraw the third-party allotment paid-in capital increase resolution made at the board meeting on December 3 last year. The company explained, "The new shares were naturally forfeited as the subscriber failed to secure the payment funds and did not pay the full subscription amount by the payment deadline," adding, "The company acknowledges the third-party allottee's responsibility for performance and intends to withdraw the new share issuance to enhance shareholder value." Previously, Crovahightech had decided to conduct a third-party allotment paid-in capital increase worth 1 billion KRW targeting Astrafe to raise operating funds.

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