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FreeBit plunges to year-to-date low on establishment of special investigation committee regarding CountUp subsidiary acquisition
FreeBit Co., Ltd. <3843> plunged to a new year-to-date low. After the close of trading on May 21, the company announced the establishment of a special investigation committee to examine the appropriateness of its acquisition of CountUp as a subsidiary, announced on Sept. 29 last year, as well as FreeBit's decision-making process, following an opinion from the Board of Corporate Auditors. The announcement triggered selling. The company had received inquiries from shareholders and external parties regarding the validity of the acquisition and the ownership of two patents held by CountUp that formed the basis of the transaction. The company said it expects the impact on earnings to be limited at this point.
Source: MINKABU PRESS
*Translated by generative AI. Click here for the original article.
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