An e-commerce firm’s capital was depleted due to lost mobile devices.

After it was revealed that the online company was in the final stages of discussions to raise around 300 billion yen ($2.2 billion) through a new share offering, Rakuten Group Inc. experienced its biggest decline in more than three years.

Wireless is struggling to saturate the market.

The shares of the Japanese e-commerce company fell 9.1% last week, the most since March 2020, and the company is looking to increase its capital, which has been depleted by its mobile segment.

Rakuten is struggling with the high expenses associated with establishing 4G base stations to provide a greater connection and has yet to get the spectrum allocation most suited for in-building communications.

According to the communications ministry of Japan, Rakuten had roughly 2% of mobile contracts at the end of December.

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