MetaLabs will proceed with a $6 billion rights offering targeting METAPHARM, a related party of the largest shareholder. MetaLabs plans to use the funds it secures to support its subsidiary METACARE.
On the 9th, MetaLabs disclosed that it decided on a third-party allotment rights offering worth $6 billion targeting METAPHARM, a related party of the largest shareholder. The payment date for the rights offering is June 17.
MetaLabs plans to invest the funds secured this time by participating in METACARE's third-party allotment rights offering. Once payment is completed, METACARE's equity stake will expand from 37.28% to 51.78%, strengthening control.
The company said it aims to establish responsible management and a mid- to long-term growth base through participation in this rights offering. METAPHARM is a related party in a joint-holding relationship with MetaLabs' largest shareholder.
A MetaLabs official said, "This rights offering is a decision that directly demonstrates the largest shareholder's trust in the company's growth potential and its commitment to responsible management," adding, "We will strengthen control over the subsidiary through an investment structure flowing from MetaLabs to METACARE and expand our mid- to long-term growth base."