Coreline Soft, an artificial intelligence (AI)-based medical imaging software company, announced a capital increase of 31.1 billion won for existing shareholders, causing the stock to hit the lower limit (the lowest price cap) in after-hours transactions.
Coreline Soft's stock traded at 7,570 won in after-hours transactions at 5:40 p.m. on the 21st. This was a 9.99% (840 won) decrease from the closing price of 8,410 won. The lower limit for after-hours trading is -10% compared to the closing price.
Coreline Soft disclosed its plan for a capital increase after the market closed. The plan involves issuing 5.1 million new shares allocated to existing shareholders, and in case of leftover shares, raising 31.1 billion won through a public offering to general investors. All funds raised from the capital increase will be used for operating expenses.
The anticipated issue price for new shares is 6,100 won. By May 29, the first and second issue prices will be determined based on the stock price and transaction volume, and the final issue price will be confirmed. After completing subscription procedures for existing shareholders and employee stock ownership plans, the new shares are set to be listed on June 26.
Coreline Soft entered the Korea Securities Dealers Automated Quotations (KOSDAQ) market in September 2023. The offering price was 46,700 won. The stock price has not exceeded the offering price since the first day of trading.