MemeStrategy (HKG:2440) issued over 49 million shares to five investors at HK$1.714 apiece to raise around HK$83.7 million, a Dec. 19 Hong Kong bourse filing said.

Shares of the data transmission and processing service provider for IOT applications were down 2% in Monday afternoon trading.

The issued shares represent roughly 11.76% of the firm's enlarged issued share capital.

The company will use the proceeds to facilitate its expansion into blockchain solutions and real-world assets.