ABION is witnessing a sharp decline in its stock price on the 1st due to the announcement of a large-scale capital increase.
As of 9:19 a.m. on this day, ABION is trading at 5,010 won, down 920 won (15.51%) from the previous trading day.
ABION announced that it will push for a shareholder allocation capital increase of 79.3 billion won on the previous trading day, the 29th of last month. This is nearly half of ABION's market capitalization of approximately 170 billion won.
ABION explained through its website, "While we prioritize expanding patient treatment opportunities and sustainable growth through new drug development, long-term funding needs and uncertainties are inevitable due to the characteristics of the research and development process." It noted, "We reviewed various capital financing options to secure funds necessary for research and development and inevitably chose to proceed with a capital increase to ensure that the research and development projects progress without any delays."