MOG Digitech Lowers Offer Price of Stock Sale; Shares Fall 5%

MT Newswires Live

Jul 09

MOG Digitech (HKG:1942) lowered the price of its recently proposed stock offering to align with "prevailing market conditions," according to a Tuesday Hong Kong bourse filing.

The artificial intelligence firm's shares fell over 5% in morning trade Wednesday.

The company marked down the offer price of 228.7 million shares to HK$0.475 apiece from HK$0.5285 apiece previously.

If fully subscribed, the company would end up raising HK$108.6 million via the stock sale instead of the HK$121 million originally planned.

Capital raised will be used to develop the company's insurance and financial technology-related business, MOG Digitech previously said.

Waton Securities International is serving as the placing agent for the offering.

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