A major stockholder of Apollo Global Capital (APL) has dumped more than 60 percent of his interest in the deep sea mining company.
Hyung Rae Doo sold 22.4 billion APL shares at three centavos each on May 11.
The sale slashed Hyung’s stake in the company from 12.28 percent to 4.64 percent of 13.6 billion shares.
The Korean businessman used to APL’s biggest stockholder with 37 percent interest or 109 billion shares in the company at the of 2021.
APL is currently trading at just a fraction of its all-time high of 43 centavos in January 2021.
Management has failed to deliver on its commitment to start mining for magnetite ore since deploying its first deep sea mining vessel in Cagayan two years ago.