Pado is showing a sharp rise in the afternoon following news that it has secured a new client.
As of 1:32 PM on the 17th, Pado is trading at 21,000 KRW, up 15.01% (2,740 KRW) compared to the previous day.
According to media reports from the previous day, Pado has finalized a supply contract for data storage device (SSD) controllers for Meta with Western Digital, a major U.S. NAND flash manufacturer. It is known that the company plans to gradually increase supply volume starting with the initial delivery.
Pado is a semiconductor design specialist company that was listed on KOSDAQ last August through a technology special listing method. At the time of listing, Pado projected annual expected sales of 120.3 billion KRW. However, its sales in the second quarter of last year, when the IPO (Initial Public Offering) was underway, were only 59 million KRW. Sales in the third quarter of last year also recorded 321 million KRW.
At that time, Pado sparked controversy over an 'inflated listing' following its earnings announcement. This led to weakened investor sentiment and a sharp drop in stock price. The Financial Supervisory Service is currently investigating the lead underwriters, Pado, and early investors. Shareholders have also filed a class-action lawsuit against Pado and the lead underwriters.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
