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Samsung SDI Dives as Share Sale to Boost EV Puzzle Investors
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Samsung SDI Co. shares plummeted after the South Korean battery maker offered new shares at a steep discount to fund manufacturing plants in the US and Europe.
The shares fell as much as 7.2% in Seoul on Friday, heading for its lowest close in five years, after the company said it plans to raise about 2 trillion won ($1.4 billion) by issuing 11.8 million shares at 169,200 won each. That’s a 17% discount to the stock’s Thursday close and was received with skepticism by investors amid cooling demand for electric vehicles.