I-Solar has filed a corrected registration statement for a capital increase. This comes seven trading days after the Financial Supervisory Service rejected the securities registration document. With the possibility of a large-scale capital increase resurfacing, the stock price is fluctuating.
I-Solar shares were traded at 22,800 won in off-hours transactions after the market closed at 5:20 p.m. on the 11th. This is a 6.56% (1,600 won) decrease from the closing price (24,400 won) on that day. This matches the regular market price increase of 7.02% (1,600 won) that day. It appears to be influenced by I-Solar's announcement of submitting a corrected registration statement for a capital increase after the market closed.
Earlier, I-Solar announced a plan for a capital increase amounting to 550 billion won. The plan is to issue new shares and allocate them to existing shareholders first, and if there are unsubscribed shares, to conduct a public offering for general investors.
Concerns have been raised as the scale of the capital increase is substantial, and 300 billion won of the funds raised through the capital increase is planned to be used to acquire J.O., which develops carbon new materials. I-Solar's stock price, which had been above 30,000 won, dropped to 21,000 won during trading on the 2nd of this month.
A reversal occurred as the Financial Supervisory Service stepped in. After the market closed on the 2nd, the Financial Supervisory Service requested I-Solar to submit a corrected registration statement, causing the stock price to surge by 26.78% (5,650 won) the following day.
With I-Solar submitting the corrected registration statement, the Financial Supervisory Service is set to review it again. If accepted, I-Solar is expected to go through the subscription process for the capital increase and list the new shares in March 2025.