BRIEF: Vobile raises $65 million through share placement
Video protection and monetization services provider Vobile Group Ltd. (3738.HK) said on Tuesday it raised HK$513 million ($65 million) by selling 138 million new shares to six or more investors at a price of HK$3.78, representing a 10% premium to the stock’s closing price before the announcement.
The newly issued shares represent 5.63% of Vobile’s enlarged share capital, the company said. It plans to use 65% of the proceeds for development of its AI-generated content-related business, 10% to repay debt and the remainder for working capital.
Vobile’s stock opened slightly higher on Wednesday, but later reversed course and was down 0.9% in afternoon trading at HK$3.38. The stock is down 9.1% this year.
By Doug Young
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