South Korean battery maker Samsung SDI said on Wednesday it will cut the price of new shares by 14% to raise 2 trillion won ($1.4 billion) after its shares plunged in a global market sell-off sparked by concerns about U.S. tariffs.
Samsung SDI said it plans to issue new shares at 146,200 won ($98.41) per share, down from 169,200 won per share announced last month. The final price will be determined on May 19.
The company’s shares fell 5% in the past week as U.S. President Donald Trump’s tariffs sparked turmoil in international stock markets and investors worried about a possible global economic slowdown. So far this year, the company’s shares have fallen 29.5%.
The company said in March that it would issue 11,821,000 new shares to raise funds for investments such as a joint venture with General Motors in the United States and expanding capacity at its Hungarian plant.
The South Korean won fell to a 16-year low on Wednesday.
A Samsung Electronics official said on Wednesday that the final price and size of the financing may change depending on market conditions.
Samsung SDI shares fell 1% on Wednesday, while South Korea’s Kospi index fell 0.5%.
($1 = 1,485.60 won)
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