The share price of Sabuy Technology Public Company Limited (SET: SABUY) dropped to the limit at the opening bell on Wednesday after the announcement that its partners intended for private placement in its capital increase plan.
As of 10:01 local time in Bangkok, the share price of SABUY dropped THB0.27 or 29.67%, hitting its floor limit at THB0.64 per share.
Earlier this morning, SABUY has announced the cancellation of its Extraordinary General Meeting of Shareholders scheduled for June 24, 2024, to consider and approve the issued and offered for sale, following the cancellation of private placement for capital increase.
The company stated that due to the current market conditions being volatile, which results in the company’s stock price has continuously decreased over the past period and significantly affects the appropriateness of the offering price of new ordinary shares to a limited number of persons, notable those in the private placement proposal.
On June 18, 2024, SABUY stated that it was informed by a limited number of persons, namely Lightnet Pte. Ltd. (Lightnet) and Mr. Arnonchai Veerapravati, including Hiwell Global Co., Ltd., that the said private placement intends to cancel the investment according to the original capital increase plan due to the fluctuation of market conditions.
SABUY added that it will continue to move forward in finding potential partners to invest in the company.
