Modern Innovative Digital Technology (HKG:2322) has terminated a share placement agreement to raise around HK$531.8 million, a Wednesday bourse filing said.

The agreement fell through, as certain conditions under the agreement could not be fulfilled by the long stop date despite ongoing negotiations.

The food and electronic product company had proposed, in December 2024, to place 800 million shares to at least six investors to raise the capital.

Shares of the company were down nearly 4% in recent trade.

Price (HKD): $0.75, Change: $-0.030, Percent Change: -3.85%