[Market Focus] E8 Plunges Over 20% After Rights Offering Announcement

E8 shares fell more than 20% in early trading on September 30 following the announcement of a rights offering.

As of 9:33 a.m. on this day, E8 shares were trading at 2,675 won on the KOSDAQ market, down 26.31% from the previous trading day. The stock opened at 2,960 won and at one point during the session dropped to as low as 2,635 won.

The previous day, E8 announced that it had decided to conduct a rights offering with a general public offering of forfeited shares to raise 16.8 billion won in operating funds. The company will issue an additional 7 million common shares, with the planned issue price set at 2,400 won per share.

The record date for the allocation of new shares is November 10, and the payment date is December 23. The new shares are scheduled to be listed on the KOSDAQ market on January 8 next year.

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