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Many Idea Cloud Holdings Limited ( (HK:6696) ) has issued an announcement.
Many Idea Cloud Holdings Limited reported low shareholder uptake in its deeply discounted rights issue, with investors validly applying for only about 24.37% of the 576 million new shares offered on the basis of six rights shares for every one share held. As a result, roughly 435.6 million unsubscribed shares will be placed to independent investors under compensatory arrangements, with any net proceeds above the subscription price to be distributed on a pro-rata basis to qualifying non-participating and excluded shareholders, while any shares remaining unplaced will simply not be issued, effectively reducing the final size of the capital-raising exercise and potentially limiting the company’s funding relative to its original target.
More about Many Idea Cloud Holdings Limited
Average Trading Volume: 658,970
Technical Sentiment Signal: Sell
Current Market Cap: HK$409.9M
Learn more about 6696 stock on TipRanks’ Stock Analysis page.