[Special Stock] STX Plummets 24% Following Announcement of 80 Billion KRW Rights Offering
STX's stock price plummeted after announcing a paid-in capital increase worth 80 billion KRW.
As of 10:03 AM on the 20th, STX was trading at 10,200 KRW, down 24.33% from the previous close.
On the same day, STX announced that it had decided on a paid-in capital increase worth 80 billion KRW to expand its secondary battery supply chain and globally expand its B2B platform 'Trolligo'. The funds raised through the capital increase will be used as purchasing capital to expand the supply chain of secondary battery materials such as nickel, lithium, and graphite.
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Earlier in August, STX established a corporation in Indonesia, which has the world's largest nickel reserves, and recently applied for related permits.
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