SEOUL– Powernet Technologies Corp. on Thursday announced that it will sell stock to raise 5 billion won(US$3.5 million). The proceeds from the stock sale will be used mainly to finance its operations.

According to a regulatory filing, the company will issue some 1.76 million common shares at a price of 2,838 won per share. The stock will be sold to the investors that the firm designated.

Source: Yonhap News Agency