Why Sharp (SHCAY) Stock Is Gaining Today

NEW YORK (TheStreet) -- Shares of Sharp Corp. (SHCAY) are higher by 1.90% to $3.22 after the company said it wants to bolster its depleted finances by increasing profits and not through a public share offering, which would be unrealistic so close after an offering last year, according to president Kozo Takahashi, Reuters reports.

The company raised about $1.38 billion through a share sale late last year but a Japanese newspaper report in April said it was considering another issue over the next year to secure an additional 200 billion yen to improve its finances.

The company's equity ratio at end-March was 8.9%, below the 20% level typically considered a threshold of financial health, and it decided to forego a dividend for the year, Reuters said.

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