[Featured Stock] Korea Zinc Plummets on Rights Offering Plans... Breaks Below 1 Million Won Mark

Korea Zinc is experiencing a sharp decline following news of a rights offering.

As of 9:49 AM on the 31st, Korea Zinc's stock is trading at 926,000 KRW, down 155,000 KRW (14.34%) from the previous trading day.

Korea Zinc, currently in a management dispute with MBK, announced the day before that it will conduct a rights offering of 3.73 million shares at a planned issue price of 670,000 KRW per share. The company plans to increase the market circulation of its shares and secure approximately 2.5 trillion KRW in total funds.

Immediately after the announcement, the stock price dropped significantly in the stock market, closing at the lower limit the previous day. This is because issuing new shares dilutes the ownership percentage of existing shareholders.