Minieye Technology (HKG:2431) received notice that its cornerstone investor, KCH International Investment, will extend the lock-up undertaking of previously issued shares, according to a bourse filing Wednesday.
The stock closed 4% lower on Thursday.
The lock-up period of 31,092,800 H shares as part of Minieye's listing was due to expire on Friday, June 27. However, KCH voluntarily decided to extend the lock-up period until Sept. 27.
Beyond the period's expiry, KCH agreed not to dilute more than 3,109,280 H shares of the intelligent driving software developer through sales on the Hong Kong exchange.
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