Stock Track | AKESO Shares Tumble 5.35% on $1.92 Billion Share Placement Plans

Stock Track10-14

Shares of AKESO, Inc. (HKG:09926), a leading integrated drug discovery platform company, plunged 5.35% on October 14, 2024, following the company's announcement of a HK$1.92 billion share placement. The significant share issuance raised concerns among investors about potential dilution of existing shareholders' stake and the planned use of proceeds.

According to a filing with the Hong Kong stock exchange, AKESO plans to issue 31.7 million new shares, representing approximately 3.53% of the company's enlarged issued share capital, to at least six independent third parties at a price of HK$61.28 per share. The placement is being facilitated by Morgan Stanley Asia as the placing agent.

The company stated that 70% of the net proceeds from the share placement will be used for the clinical development of its core products, 20% for commercialization of existing products, and 10% for general corporate purposes. However, some market participants expressed reservations about the planned use of proceeds, contributing to the stock's sharp decline on the day.

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