In early trading on the 27th, LEENO Industrial is plunging more than 14%. Investor sentiment appears to have deteriorated after Chief Executive Lee Chae-yoon revealed plans to sell equity worth more than 863.1 billion won.
As of 9:37 a.m. that day, in the Korea Exchange, LEENO Industrial is trading at 106,400 won, down 14.47% (18,000 won) from the previous session's closing price.
On the 24th, via a regulatory filing, LEENO Industrial said Chief Executive Lee Chae-yoon plans to sell 7 million common shares through after-hours trading between on the 26th of next month and June 24. As for the purpose of the transaction, the company said it was "asset management through the sale of held shares."
The sale amounts to 9.18% of the total number of shares outstanding. Based on the closing price on the 23rd (123,300 won), it is valued at 863.1 billion won.