Syntekabio shares are weakening on news that the company will raise a large amount of capital from shareholders.
As of 9:14 a.m. on the 15th, Syntekabio was trading at 4,420 won, down 1,010 won (18.6%) from the previous session.
Syntekabio said on the 12th that it decided on a shareholder-allotted paid-in capital increase worth 32.3 billion won. The funds raised through this paid-in capital increase will be used for debt repayment and operating expenses.
Syntekabio emphasized that this paid-in capital increase is a strategic decision to reduce reliance on high-interest borrowing and shift to a sound financial structure, but the market appears to be taking it as bad news. Syntekabio issued convertible bonds (CB) worth 10 billion won on the 3rd, resulting in two back-to-back financings in a short period.