Mog Digitech (01942.HK) announced that it plans to sell up to 0.155 billion new shares in the middle of July. Due to the fluctuation of its stock price during the offering period, the company and the placement agent agreed last Friday (23rd) to reduce the offering price by 20.5% to HK$0.7 per share, compared to the closing price of HK$0.74 last Friday, representing a discount of about 5.41%. The net proceeds from the fundraising decreased from the originally expected HK$0.135 billion to HK$0.107 billion. The deadline for the placement was extended from August 23rd to September 13th.

Approximately 79.11% of the net proceeds from the placement will be used to expand and develop the insurance technology business. About 5.45% will be allocated to the development and operation of Asia Vets datacenter. Approximately 5.45% will be used to supplement or enhance the group's existing business and to pursue potential mergers, acquisitions, and strategic investments that are strategically significant to its long-term goals. Around 10% will be used for the group's general working capital and general corporate purposes.