Golden Power Raises HK$7.7 Million From Share Subscription; Shares Fall 8%
MT Newswires Live
May 20
Golden Power (HKG:3919) completed a subscription of 6.5 million new shares to raise net proceeds of about HK$7.7 million, according to a Tuesday Hong Kong bourse filing.
Shares of the battery maker fell more than 8% in late morning trade on Wednesday.
The shares were issued at HK$1.20 apiece, the filing said.
The company said the proceeds will be used to develop specialty battery technologies and artificial intelligence production facilities, repay bank facilities due within six months, and for general working capital.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.