Sapphire wafer maker Tera Xtal Technology has cancelled a plan to issue 25 million new shares mainly due to large drops in its stock prices.
The new shares were originally meant to be subscribed by existing shareholders (90%) and employees (10%) at NT$14 (US$0.46) per share to raise additional paid-in capital, the company said.
The stock price drop was partly because US-based GT Advanced Technologies, owing NT$420 million to Tera Xtal, filed for bankruptcy protection in early October, Tera Xtal said.
Tera Xtal said it now plans to raise capital through private placement.
Source:
http://www.digitimes.com/news/a20141020PD209.html
