EV Advanced Materials is experiencing a sharp decline early in the trading session on the 7th. The company revealed a plan for a rights offering worth 41.4 billion won on the 4th, which is analyzed to be the cause of this situation.
As of 9:23 a.m. on this day, EV Advanced Materials shares are trading at 1,305 won, down 17.77% (282 won) from the previous trading day on the KOSDAQ.
This drop is interpreted as the aftermath of EV Advanced Materials announcing its plan to proceed with a rights offering worth 41.4 billion won through a shareholder allocation and public offering of unsubscribed shares. The company previously disclosed this news after the market closed on the 4th.
The company plans to use the funds raised from the rights offering for facility investment, acquisition of securities from other companies, and operational funds. The new share allocation base date is set for the 23rd, and the definitive issue price will be determined on the 30th of next month.