Moon Plans HK$63 Million Rights Issue; Shares Up 5%
Moon Inc. (HKG:1723) is looking to raise HK$63.4 million through a rights offering to eligible shareholders, according to a Hong Kong bourse filing on Thursday.Shares of the company gained nearly 5% in morning trade Friday.The company, which deals in prepaid SIM and Bitcoin cards, intends to issue 239.1 million shares at HK$0.265 apiece, a 39.8% discount to Wednesday's closing price. Eligible shareholders can subscribe to one rights share for every two shares held in the company.Proceeds from the offering will be used towards repayment of certain convertible notes and for general corporate purposes.Additionally, the board has proposed to increase the lot size for trading the company's shares to 10,000 shares per trade, up from 2,000.I Win Securities has been appointed as the placing agent for the proposed transaction.
