[Asia Economy Reporter Lee Seon-ae] Midas AI is experiencing a sharp decline as selling pressure continues in the early trading session following the news of a 66.3 billion KRW shareholder preferential public offering.
As of 9:28 AM on the 29th, Midas AI is trading at 1,655 KRW, down 11.26% from the previous trading day. It dropped to as low as 1,510 KRW in early trading.
Midas AI announced in a disclosure the day before that it will conduct a shareholder preferential public offering to raise funds for facility and operating expenses. The total number of shares to be issued is 39 million, with an expected issue price of 1,700 KRW. The record date for new share allocation is August 17, and the expected listing date is October 5.
A Midas AI representative explained, “This capital increase is aimed at strengthening the competitiveness of the new steel business, which will be the core of the company in the future, and stabilizing the financial structure.”
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