LG Display Co Ltd. ADR (LPL)

Shares of LG Display Co Ltd. ADR (LPL) dropped by 10.68% from $4.87 to $4.35 in the trading on Monday, December 18, 2023. The reason why LPL down today is due to LG Display's announcement of a rights offering, where the company intends to raise $1.05 billion. The move is aimed at strengthening its premium organic light-emitting diode (OLED) panel business and overall competitiveness. LG Display plans to issue around 142 million new common shares, priced at 9,550 won per share, to its existing shareholders. These funds will be used to invest in OLED panel production, enhance competitiveness, repay debts, and secure future growth in the dynamic OLED market. LG Display anticipates the OLED division to contribute significantly to its sales, targeting over 60% by 2024.