Rainbow Robotics, which hit the ceiling price on the news that Samsung Electronics became its largest shareholder, turned to a decline just a day later.
As of 9:17 a.m. on the 3rd, Rainbow Robotics is being traded at 205,000 won, down 3.07% from the previous day.
On the 31st of last month, Samsung Electronics announced that it would exercise a call option for Rainbow Robotics shares, which gives it the right to purchase at a pre-set price. Samsung Electronics' existing equity in Rainbow Robotics was 14.7%, but this will increase to 35% once the call option exercise is completed.
Accordingly, Rainbow Robotics welcomed Samsung Electronics as its largest shareholder, trading at 48,800 won, up 29.99% during the previous day's session.
However, this momentum does not seem to last beyond two days. As profit-taking occurs, the stock price of Rainbow Robotics is showing a pattern contrary to the previous day.
Meanwhile, Rainbow Robotics is a robotics specialist company established in 2011 by researchers from the KAIST HUBO lab, who developed Korea's first bipedal robot 'HUBO.'
The market expects that Samsung Electronics will accelerate the development of intelligent advanced humanoids by integrating artificial intelligence (AI) and software technology with robotic technology.