The Financial Supervisory Service noted on the 23rd that it has once again put the brakes on ISU PETASYS's 550 billion won capital increase.
The FSS announced that it has again demanded the submission of a corrected report regarding the capital increase report submitted by ISU PETASYS on the 11th.
This is because important matters were either not included or were unclear in the securities report, which could impair investors' reasonable investment decisions.
An FSS official said, “On the 2nd, we reviewed the corrected report regarding the first correction request and noted that the core of the capital increase is for the purpose of acquiring a specific company, so we asked for sufficient details on the background or basis for the acquisition decision and what impact it would have on the company.” He added, “The details were not clearly presented for investors to make investment judgments, so we made a second correction request.”
He added, “Additionally, we requested that the content of the second correction request include what efforts were made to persuade shareholders,” and “They were asked to clarify whether there was a communication or explanation process with shareholders or whether there are plans for such.”
As a result of the second correction request, the securities report for ISU PETASYS's capital increase will not be processed from today and its effectiveness is suspended. If a corrected report is not submitted within three months, it will be considered revoked under the Capital Market Act.
Previously, ISU PETASYS, a semiconductor substrate manufacturer, announced on the 8th of last month that it had decided on a capital increase of 550 billion won to acquire a stake in battery material company JEO after the market closed.
The number of shares issued through the capital increase amounts to 31.8% of the existing issued shares, and the securities industry reacted with comments such as “an incomprehensible decision,” causing the stock price to plummet.
On the 2nd, the Financial Supervisory Service put the brakes on the capital increase after demanding the submission of a corrected report for the securities filing submitted by ISU PETASYS last month.