[Featured Stock] Samsung SDI Declines on News of 2 Trillion Won Rights Offering... New Low

Samsung SDI is experiencing a decline following news of a 2 trillion won rights offering. It recorded a 52-week low during the trading session.

As of 9:27 a.m. on the 14th, Samsung SDI is trading at 201,000 won, down 3,000 won (1.47%) from the previous day. During the session, it fell to 199,500 won, breaking its 52-week low. Although it showed a rise of over 2% after the market opened, it failed to maintain the upward momentum and turned downward.

Samsung SDI announced on the same day that it has decided on a 2 trillion won rights offering. The number of shares for this rights offering, conducted through a shareholder allocation followed by a general public offering of forfeited shares, is 11,821,000, representing a 16.8% increase. The allocation of new shares will be based on the record date of next month 18th, and the final issue price will be determined on May 22. Subscription will proceed in order from the employee stock ownership association, existing shareholders, and general public from May 27 to June 3. The listing of new shares is scheduled to be completed on June 19. Samsung SDI plans to use the funds raised through this rights offering for investments in the joint venture with U.S. GM, expansion of production capacity at its European plant in Hungary, and investment in domestic all-solid-state battery line facilities.