Kangstem Biotech to Obtain 35.1 bln won via Stock Offering


SEOUL, Aug. 11 (Yonhap) — Kangstem Biotech Co. on Friday declared that it will issue stock to acquire 35.1 billion won(US$26.5 million). The funds from the stock sale will be utilized primarily to finance its operations.

As per a regulatory filing, the company will distribute 18 million common shares at a price of 1,985 won per share. The stock will be sold to the firm’s shareholders.

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