🚨BREAKING: SK Hynix scraps U.S. subsidiary IPO plans, stock plunges -8%.
The proposed Nasdaq listing could have raised about $10 billion for the storage-chip subsidiary. It reportedly faced shareholder opposition over dilution, and over splitting ownership of a business they already held through SK Hynix.
The company confirmed Solidigm is abandoning both pre-IPO financing and IPO evaluations, after weighing "capital market conditions and other factors."
The retreat leaves SK Hynix looking for other ways to fund Solidigm's expansion, as concerns over AI spending continue to weigh on chip stocks
The proposed Nasdaq listing could have raised about $10 billion for the storage-chip subsidiary. It reportedly faced shareholder opposition over dilution, and over splitting ownership of a business they already held through SK Hynix.
The company confirmed Solidigm is abandoning both pre-IPO financing and IPO evaluations, after weighing "capital market conditions and other factors."
The retreat leaves SK Hynix looking for other ways to fund Solidigm's expansion, as concerns over AI spending continue to weigh on chip stocks