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SK Hynix Scraps Solidigm IPO Plans as Stock Plunges 8%
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
SK Hynix has abandoned plans to list its U.S. storage-chip subsidiary, Solidigm, on Nasdaq, ending a potential IPO that could have raised around $10 billion. The plan faced opposition from shareholders concerned about ownership dilution and splitting their stake in a business they already own through SK Hynix. The company confirmed that Solidigm would halt both pre-IPO financing and IPO evaluations, citing “capital market conditions and other factors.” The decision leaves SK Hynix looking for alternative ways to fund Solidigm’s expansion. The retreat comes as concerns over rising AI spending weigh on chip stocks, with SK Hynix shares plunging 8%.
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