SEOUL, AUGUST 23 (Yonhap) -- Ascendio Co. on Monday announced that it will sell stocks to raise 25.6 billion won(US$21.8 million). The proceeds from the stock sale will be used mainly to finance its operations.

According to a regulatory filing, the company will issue 17 million common shares at a price of 1,540 won per share. The stocks will be sold to the firm’s shareholders.

Source: Yonhap News Agency