[Special Stock] Gangstem Biotech Plummets 15% on 50 Billion Won Capital Increase News... Hits 52-Week Low
[Asia Economy Reporter Ji Yeon-jin] Kangstem Biotech is plummeting more than 15% on the news of a paid-in capital increase on the 3rd.
As of 2:05 PM on the same day, Kangstem Biotech is trading at 5,100 KRW on the KOSDAQ market, down 15.56% from the previous day. The stock hit a new 52-week low during the session, dropping to 5,030 KRW.
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The market views the sharp decline in the stock price as a reaction to the announcement of a large-scale paid-in capital increase. The company disclosed the day before that it decided on a paid-in capital increase through a rights offering to existing shareholders followed by a general public offering of forfeited shares to raise operating funds amounting to 49,999,990,000 KRW. The issue price is 4,040 KRW, and the new shares amount to 12,376,237 shares.
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