The present study examines the effect of the client's strategic change on the cost of capital with an emphasis on information asymmetry. This study is applied in terms of its purpose and is causal (post-event) correlation in terms of methodology. The statistical population of the study is all companies listed on the Tehran Stock Exchange. Using the systematic exclusion sampling method, the present study sample includes 135 companies listed on the Tehran Stock Exchange for the years 1397 to 1402 and has been analyzed and tested using a multivariate regression model based on the panel data technique using Stata and Excel software. The results of the research hypotheses show that the client's strategic change has a positive effect on the cost of capital. Also, information asymmetry has a positive effect on the relationship between the client's strategic change and the cost of capital. It can be concluded that the client's strategic changes are not in the interest of investors and increase the cost of capital, and information asymmetry strengthens the intensity of the relationship between the client's strategic change and the cost of capital.