Weimob Cuts Expected Subscription Proceeds After Tranche 2B Cancellation

Weimob ( (HK:2013) ) has provided an update.

Weimob Inc. has announced that its planned Tranche 2B share subscription under a general mandate will not proceed, after the subscriber failed to nominate a designated person by the required deadline ahead of the long stop date. The subscriber holds less than 5% of Weimob’s issued shares and is not considered a substantial shareholder, reducing governance implications from the cancellation.

As a result of the cancellation, the expected net proceeds from the broader subscription have been revised down from about HK$1,555.29 million to approximately HK$1,166.3 million, with allocations to intended uses to be adjusted on a pro rata basis. The company maintains that the intended purposes, proportional deployment, and timetable for use of funds remain unchanged, and it does not expect any material adverse impact on its existing business, operations or financial condition from the non-completion of Tranche 2B.

The most recent analyst rating on (HK:2013) stock is a Sell with a HK$1.50 price target. To see the full list of analyst forecasts on Weimob stock, see the HK:2013 Stock Forecast page.

More about Weimob

Weimob Inc. is a Hong Kong–listed company incorporated in the Cayman Islands, operating in the digital services and technology sector. It focuses on providing online solutions and tools to enterprises in mainland China, leveraging a subscription-based model and capital markets funding to support its growth and operational needs.

YTD Price Performance: -18.48%

Average Trading Volume: 103,480,177

Technical Sentiment Signal: Sell

Current Market Cap: HK$6.15B

For detailed information about 2013 stock, go to TipRanks’ Stock Analysis page.