The stock price of Lithium For Earth, a KOSDAQ listed company, is strong in the early market on the 26th. It is interpreted that the buying momentum occurred as the largest shareholder initiated a paid-in capital increase to secure a large amount of funds.
As of 9:18 a.m. on this day, Lithium For Earth is trading at 844 won, an increase of 89 won (11.79%) compared to the previous trading day.
Lithium For Earth, a corporation that specializes in semiconductor inspection equipment and mobile phone accessories, announced that it has decided to conduct two third-party allocation paid-in capital increases before the market opens on this day. The 10.5 billion won paid-in capital increase will be issued at 665 won per share and will be completed by July 2, with the new shares expected to be listed on July 25. CEO Byeon Jae-seok and two others will participate in this paid-in capital increase.
The paid-in capital increase, also announced together, was issued at 665 won per share for an amount of 3 billion won. After completing the payment on September 2, the new shares will be listed on September 25. Byeon Jae-seok's brother, Byeon Hee-jo, who is an internal director, participated in the paid-in capital increase. Both paid-in capital increases will be used as operating funds for business, including labor costs and facility investment.
Earlier, on the 24th, Lithium For Earth was designated as a management item by the Korea Exchange because it reported corporate tax-deductible continuous business losses (losses before tax) exceeding 50% of its equity for more than two times in the last three years. However, expectations for improved performance seem to have increased as the largest shareholder has stepped in to provide funding.