Sangji Construction, which had surged as a presidential election theme stock, will allow rights sales for investors in the paid-in capital increase and convertible bonds (CB) starting on the 20th. If a large amount of selling occurs, it could increase pressure for the stock price to drop.
According to the Financial Supervisory Service's electronic disclosure system, participants in the paid-in capital increase of Sangji Construction can sell the newly issued shares beginning today.
Earlier, Sangji Construction conducted a paid-in capital increase through a subscription method prioritizing shareholders. The new share issue price is 22,850 won. Although there was an initial plan to issue 4 million shares, only 446,898 shares will be issued due to undersubscription. The new shares are scheduled to be listed on the 22nd, but rights sales will be possible starting today, two trading days before the listing date.
Rights sales refer to the method where investors with confirmed rights to receive new shares through paid-in capital increases or CBs sell the shares in advance to secure revenue, starting two trading days before the new shares' listing date. On the date of rights sales, there is a high possibility of a sharp drop in the stock price due to large volumes of shares being sold.
Additionally, a large volume of new shares from CB investors is expected to hit the market today. The total number of issued shares is 2.4 million, with a conversion price of 5,000 won. CB new shares are also scheduled to be listed on the 22nd, but can be sold starting today through rights sales, leading to expectations of significant selling.
On the previous trading day, Sangji Construction's closing price was 27,800 won, which is about 4.5 times the CB conversion price of 5,000 won. Simple calculations show a potential profit of 22,800 won per share, suggesting that investors are likely to realize profits.
Meanwhile, according to NH Investment & Securities' Namu app, Sangji Construction's average purchase price is 43,483 won. The proportion of loss investors is 87.64%, with the average loss rate based on the previous day's closing price being 36.06% (15,683 won).