In today’s briefing:
- HLB Life Science: Impact of Rights Offering Capital Raise of 150 Billion Won
- Special Changes in KOSDAQ 150: Deletion (CanariaBio) + Addition (C&C International)
HLB Life Science: Impact of Rights Offering Capital Raise of 150 Billion Won
- On 21 March, HLB Life Science announced a rights offering capital raise worth 150 billion won.
- The expected rights offering price is 13,630 won (32% lower than current price of 19,930 won) and there are 11 million shares in this rights offering (10% of outstanding shares).
- HLB Inc (028300 KS) is the largest controlling shareholder of HLB Life Science (067630 KS) with an 18.7% stake in the company.
Special Changes in KOSDAQ 150: Deletion (CanariaBio) + Addition (C&C International)
- On 22 March, the Korea Exchange announced special changes to KOSDAQ 150. CanariaBio will be excluded from KOSDAQ 150 and it will be replaced by C&C International.
- Canaria Bio was designated as “administrative issue” and “investment attention issue” on 22 March 2024, which resulted in KRX deciding to remove this stock from KOSDAQ 150 on 26 March.
- We believe that this inclusion of C&C International in KOSDAQ 150 is likely to further positively impact its share price.
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