The KOSDAQ-listed company SGA is strong in early trading on the 21st. The stock has continued to rise for five consecutive trading days due to news of a change in the largest shareholder and entry into the virtual asset new business.
As of 9:27 a.m. on that day, SGA is trading at 2,325 won, up 325 won (16.25%) from the previous trading day. The stock even rose to 2,600 won during the session, marking its highest price in a year.
SGA has seen an upward trend on that day after recording the upper limit price (the top limit of the daily price restriction) for four consecutive trading days from the 14th to the 18th. On the 17th, sharp increases in stock price resulted in being designated as an investment warning stock, halting all trading for a day.
SGA announced on the 14th of this month that it will pursue a third-party allocation capital increase worth 34.5 billion won. A total of 58,862,249 new shares will be issued at 586 won each. The allotment targets include Asia Strategy Partners, Korea Composite Stock Price Index (KCGI), Pathfinder Holdings, and Simon Gerovich, CEO of Meta Planet.
Asia Strategy Partners will become the largest shareholder of SGA after the capital increase. Asia Strategy Partners is the managing company of the global Web3 and blockchain-focused venture capital firm "Sora Ventures."
On September 10th, an extraordinary general meeting of shareholders will be held to add the business purposes for acquiring and holding digital assets, including virtual assets, and for promoting new businesses such as research and development of blockchain technology.