**[Stock Notice]** POSCO Future M’s stock price dropped sharply right after the market opened on news of a 1.1 trillion won rights offering.
As of May 14th, 9:26 AM (KST), POSCO Future M was trading at 112,000 won on the Korea Exchange KOSPI market, down 8,100 won (6.74%) from the previous day. The stock also closed with an 8% decline in the aftermarket the previous day.
POSCO Future M announced the day before that its board of directors decided on a shareholder allocation rights offering of 1.1 trillion won to secure future growth engines.
The number of new shares to be issued is 11.48 million, accounting for 14.8% of the existing shares. The expected issue price is set at 95,800 won, with a 20% discount applied.
POSCO Future M plans to use the funds raised through this rights offering to complete investment projects that aim to expand anode and cathode material production capacities both domestically and internationally. These projects include a cathode material joint venture plant in Canada and the expansion of cathode material plants in Pohang and Gwangyang, thereby strengthening its competitiveness in secondary battery material manufacturing.