Cellumed hit the lower price limit early on the 30th. The pullback is seen as stemming from weakened investor sentiment after L&C BIO Group scrapped its acquisition plan and the structure of a third-party paid-in capital increase was changed.
As of 9:30 a.m. that day on the KOSDAQ market, Cellumed was trading at 1,154 won, down 494 won (29.98%) from the previous trading day.
Earlier, Cellumed had planned to raise about 17 billion won through a third-party paid-in capital increase targeting L&C BIO and Now Investment & Securities Capital, among others, to repay debt.
Cellumed had been under significant liquidity pressure. In February, it was ordered to pay about 16.565 billion won in damages in a royalty lawsuit with U.S. medical device company Vuchelpapas. The company initially agreed to pay 7.5 billion won by last month but actually paid only 1.5 billion won, postponing the remaining 6 billion won to this month.
Amid this, on the 29th, Cellumed announced in a filing that it would change the target of the third-party paid-in capital increase from L&C BIO to TD Landmark Fund No. 1. Under the structure, TD Landmark Fund No. 1 will acquire the entire issuance. The market appears to be interpreting the change in the acquiring party as uncertainty, prompting selling.