Shares of L&F, seen as the leading domestic secondary-battery stock, fell more than 3% on the 29th in the after-market (After-Market, 3:40 p.m.–8 p.m.).
It is believed to be due to a filing that the size of the cathode supply contract with U.S. Tesla was cut sharply from the previous 3.8 trillion won to 9 million won.
As of 5:06 p.m. that day, L&F shares were trading at 99,800 won on NEXTRADE (NXT). That was 3,700 won (3.57%) lower than the previous day's close.
L&F closed the regular session that day at 105,600 won, up 2,100 won (2.03%) from the previous day.
After the market closed that day, L&F disclosed that the amount of its high-nickel cathode supply contract would be reduced from the previous 3.83 trillion won to 9.7 million won. The reason for the change was a correction to the amount due to a change in supply volume.
The contract was the one the company disclosed in Feb. 2023, and the counterparty was U.S. Tesla. At the time, the contract period was disclosed as from Jan. 1, 2024 to Dec. 31 of this year.