DFNN, Inc.’s board of directors has greenlighted a plan to implement a stock rights offering (SRO), subject to regulatory approval.
In a disclosure to the exchange, DFNN said the offering will let the company “take advantage of the opportunities present in the market that has been further accelerated by the pandemic.”
“The offering is intended to allow DFNN to expand into interconnecting and adopting interactive technologies; and to provide capital for the Company’s planned extensive technology and marketing strategies which will increase its market share,” DFNN said.
The company’s board of directors previously gave the go signal to increase its authorized capital stock to P1 billion, comprising of 900 million common shares with a par value of P1 each and 100 million preferred shares with a P1 par value per share.
DFNN will offer a total of 162,310,004 shares. One share will be offered for every two shares held by the stockholder.
“Given that this is an SRO, and subject to regulatory approval, there will be necessary adjustments to the Company’s share price and outstanding shares,” DFNN said.
DFNN shares went up by 6.3% or 17 centavos to close at P2.87 apiece on Monday. — Keren Concepcion G. Valmonte
