The artificial intelligence (AI) solutions corporation Crowdworks announced on the 14th that it has successfully completed a capital increase worth 23.4 billion won.
Crowdworks launched a shareholder allotment capital increase by issuing approximately 4.29 million new shares at 5,450 won each. The subscription rate of existing shareholders recorded 89.2%, and the remaining forfeited shares were absorbed through a public offering. General investors placed about 209 billion won as a deposit for the forfeited share subscriptions, recording a competition ratio of 128.91 to 1.
The new shares from the capital increase will be listed on September 1. Forfeited share investors will be able to sell their rights starting from August 28. Selling rights refers to when an investor entitled to receive new shares sells them in advance before they are listed to secure profits.
Crowdworks plans to use the funds raised from the capital increase to drive ▲ the advancement of AI solutions ▲ expansion of new businesses ▲ research and development (R&D) ▲ and entry into global markets.
A Crowdworks official noted, "This capital increase subscription reflects expectations about the company's technological prowess and market expansion potential," adding, "We plan to establish a growth foundation with the raised funds."