CMON Proposes Boost in Authorized Share Capital, Consolidation; Shares Plunge 11%

MT Newswires Live11-17

CMON (HKG:1792) is proposing to increase its authorized share capital to HK$1.8 million divided into 35 billion shares from HK$380,000 divided into 7.6 billion shares, a Nov. 14 Hong Kong bourse filing said.

Shares of the ironboard games maker fell 11% in Monday afternoon trading.

The firm plans to do this by creating an additional 27.4 billion new shares.

Following this, the firm will consolidate every 35 issued and unissued existing shares into one consolidated share, after which its authorized share capital will become HK$1.8 million divided into 1 billion consolidated shares.

Of the total, 51.6 million of the consolidated shares will be in issue.

The company is also proposing to change the board lot size for trading to 2,000 consolidated shares from 70,000 existing shares, subject to the share consolidation becoming effective.

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