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GCL TECH Slumps 8%+ on Discount of 17%+ for Placing Shrs & Plans to Issue CB
Recommend 21 Positive 39 Negative 36 |
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GCL TECH (03800.HK) announced a 17.4% discount on raising funds through a share placement. The stock opened 4.96% lower before its decline intensified today (19th), and bottomed at $1.09. It last printed at $1.11, down 8.26%, with 238 million shares traded, involving $267 million. GCL TECH announced that it intended to place up to 1.56 billion shares at a placing price of $1 per share, representing a discount of approx. 17.36% to yesterday's (18th) closing price of $1.21. The aggregate net proceeds are expected to be approx. $1.53 billion. In addition, the Company is in negotiations with potential independent investors for the possible issuance and subscription of the convertible bonds, with an aggregate principal amount expected to be up to US$500 million. The pricing of such convertible bonds is also expected to be on market terms. AAStocks Financial News |
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