At this price, it represents a significant 50% discount off mm2's last traded price of 4 cents. The company's share price is down 20% year to date and changed hands at its peak of 48 cents back in Jan 2017.
mm2 Asia is tapping shareholders again for funds with, a plan to raise up to $34.9 million in net proceeds with a rights issue, which is supported by both its second and third largest shareholders.
Under terms of a rights issue announced on Sept 29, mm2 Asia (SGX:1B0
) , whose business of producing content and organising concerts was hit during the pandemic, is offering existing shareholders the chance to subscribe for 1 new share for every 2 shares they now hold, at 2 cents each.
