This article was displayed on the ChosunBiz MoneyMove (MM) site at 1:05 p.m. on Nov. 26, 2025.
Space launch vehicle company INNOSPACE delayed its first commercial launch schedule, sparking an outcry from investors who participated in the paid-in capital increase. INNOSPACE had announced the launch time as 3 p.m. on Nov. 22 during the paid-in capital increase process. Riding that expectation, existing shareholders as well as retail investors rushed to subscribe to the paid-in capital increase, but the company suddenly announced a delay on the 21st.
As a result, the stock price immediately turned downward. As of the 26th, the stock price had fallen to the 10,000-won range per share, below the paid-in capital increase issue price. Market analysts say the decline was caused by a flood of sell orders of rights from participants in the paid-in capital increase, disappointed by the launch delay.
According to the Korea Exchange (KRX) and others, INNOSPACE's stock price at 1:03 p.m. that day was 9,930 won, down 20.56% from the previous trading day. That is nearly 12% below the paid-in capital increase issue price of 11,270 won, and the stock price fell as low as 9,670 won in early trading.
The company said that because it announced a 0.5-share free capital increase at the time of deciding the paid-in capital increase, investors who subscribed would also profit when the free shares are deposited on Dec. 11, but there is a high possibility of an overhang issue due to a large listing of new shares when the free shares are deposited. For investors in forfeited shares, considering the opportunity cost of interest on flexible high-yield savings accounts used for subscriptions, the stock would need to exceed 10,400 won to be in the profit zone, analysts say.
Investors who participated in INNOSPACE's paid-in capital increase strongly protested, saying the company led the paid-in capital increase subscription boom by promoting expectations for the first commercial launch of the HANBIT-Nano launch vehicle, then suddenly pushed the launch schedule to December, calling it an act that undermines shareholder trust.
INNOSPACE previously raised 48.5 billion won through the paid-in capital increase. When the first paid-in capital increase was announced in August last year, the stock price fell. Although there were worries about fundraising, it ultimately succeeded. When the company confirmed the first commercial launch schedule for 3 p.m. on Nov. 22, the stock rose above the issue price.
Of the 4.3 million shares planned to be issued, 4,167,364 shares were already allocated in the existing shareholder subscription. Afterwards, a total of 148,918,534 shares were subscribed for 132,636 shares allotted for the general public's forfeited shares. This was because the stock price at the time of the forfeited share subscription was around 17,800 won, more than 58% higher than the issue price.
However, the expectations of investors who completed subscriptions turned to disappointment. INNOSPACE announced that it would postpone the first commercial launch of the small launch vehicle HANBIT-Nano from Nov. 22 to Dec. 17 by local Brazilian time, just one week after the paid-in capital increase forfeited share subscription closed.
Investors who participated in INNOSPACE's paid-in capital increase entered the loss zone even before the scheduled listing date of the new shares (the 28th). The stock, which had been around 15,000 won on the 20th, turned downward and fell below 10,000 won. It is observed that paid-in capital increase participants massively sold their rights that day.
In INNOSPACE's stock discussion forum, one shareholder criticized, saying the company's first commercial launch plan can no longer be trusted, noting that at first it proposed a launch in March 2025, then said July, and during the paid-in capital increase process even set a specific time, but ultimately delayed it.
INNOSPACE is called the "first listed space launch vehicle company." It went public on the KOSDAQ last July, promoting launch services that carry small Earth observation satellites as its main business, but it has not yet succeeded in a commercial launch. The offering price at the time of listing was 43,300 won.
Meanwhile, INNOSPACE said it did not disclose the launch schedule to boost the paid-in capital increase. An INNOSPACE official said the company reported the progress as it occurred and noted that a slight abnormal signal was detected during integration tests with the Brazilian air force ground system, prompting the adjustment of the scheduled launch date.