The market capitalization of Icure Pharmaceutical has shrunk close to 90 billion won ($56 million), which could disrupt its plan to increase 80 billion won in capital.

As of 2:40 p.m, Friday, the company’s shares stood at 4,850 won, up 7.3 percent from the previous trading day, with a market cap of 91 billion won.

While the stock price gains on Friday comes as a sigh of relief for Icure, shares of the company have more than halved when compared to the closing price of 9,750 won on Sept. 19, which is when the company announced its intention to conduct the 80 billion won capital increase.

Until Friday, the stock price of Icure had been on a downward trend ever since it hit the lower daily limit on Sept. 20, the day right after the capital increase was announced.

Investors have expressed concerns that the sudden decline in the share price will lead to a reduction in the size of the capital increase and affect the company’s plan to use the raised funds.

Icure had initially planned to use 80 billion won raised through the capital increase for debt repayment (47.7 billion won), facility funds (22.3 billion won), and operating capital (10 billion won).

As debt repayment is the highest priority, industry watchers say it is likely that the company will reduce facility funds or operating capital.

Icure plans to confirm the first issue price soon and the scale of the reduction will be revealed.

“If the size of the raised fund is greatly reduced due to a drop in the capital increase issue price, it may have a negative impact on business performance and financial stability as it may cause setbacks in business promotion plans and fund management,” an Icure official said.