Getupdated Shares Drop to Decade-Low on Share Issue

Getupdated Internet Marketing AB, a Swedish Internet marketing firm, slumped to the lowest in 11 years in Stockholm trading after saying it will raise capital by selling new shares to existing stockholders.

Getupdated declined 0.28 krona, or 9.7 percent, to 2.6 kronor, the lowest level since at least February 1998, valuing the Stockholm-based company at 72 million kronor ($8.6 million).

The board decided to raise 59 million kronor in a share issue to improve its financial position and fund acquisitions, Getupdated said in statement distributed by news service Hugin.

To contact the reporter on this story: Jakob Lindstroem in Stockholm at jlindstroem@bloomberg.net.

To contact the editor responsible for this story: Daniel Hauck at dhauck1@bloomberg.net.

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