CHA Biotech Announces A Capital Raise of 41% of Outstanding Shares
On 20 December, Chabiotech (085660 KS) announced that it plans to conduct a rights offering capital raise of 250 billion won.
The expected rights offering price is 10,800 won (27.3% lower than current price of 14,860 won). A total of 23.148 million new shares (41% of outstanding shares) will be issued.
This capital raise by CHA Biotech is likely to further negatively impact the company's share price in the next several weeks as many investors are concerned about excessive shares dilution.
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