DITO defers follow-on offering to give investor(s) more time
DITO CME [DITO 1.91, down 1.6%; 252% avgVol] [link] has deferred its planned follow-on (FOO) offering to give “potential investors asking for additional time to further evaluate this investment opportunity.” The FOO, which was already approved by the PSE and expected to start its offer period on Thursday, was intended to both fund DITO’s continued roll-out of its network and keep the company on the right side of regulatory compliance after its string of sales at P1.00/share (par) to mysterious companies registered in the Cayman Islands and Singapore. DITO abandoned its last attempt at a FOO offering (in January 2022) just two days before those stock rights shares were scheduled to list, citing “less than ideal market conditions and other perceived risks.”
