[Featured Stock] NineTech Plummets on First Day of KOSDAQ Transfer Listing via SPAC Merger
[Asia Economy Reporter Eunmo Koo] Ninetech is plummeting on its first day of trading on the KOSDAQ market following a SPAC merger.
As of 9:48 AM on the 22nd, Ninetech was trading at 1,630 KRW, down 14.66% (280 KRW) from the previous closing price of the merged entity.
Ninetech's merger shares with Kyobo No.7 Special Purpose Acquisition Company were listed on the KOSDAQ market today. Established in 2007, Ninetech is a display manufacturing equipment company that has recently expanded its business into secondary batteries, increasing production of secondary battery assembly process equipment related to electric vehicle batteries and energy storage systems (ESS).
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Regarding the KOSDAQ listing, Ninetech CEO Geunno Park stated, “Achieving a KOSDAQ listing during these challenging times amid the COVID-19 pandemic is especially meaningful. We will continue our efforts for innovation to accelerate corporate growth after listing and repay the support of our employees and shareholders with tangible results.”
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