Medical AI Lunit completed its capital raising by successfully securing subscriptions for a paid-in capital increase worth 211.5 billion won.
Lunit said on the 24th that subscriptions from existing shareholders in its recently executed rights offering recorded a 104.7% subscription rate.
According to the Financial Supervisory Service's electronic disclosure system, 8,278,502 shares were subscribed during the two-day offering to existing shareholders on the 22nd–23rd. That exceeds the initially planned issuance of 7,906,816 shares.
The participation of institutional investors appears to have driven the strong demand, including Atinum Investment taking over Lunit management's warrants and investing 30 billion won.
Lunit plans to use the funds raised through this rights offering to address key financial risks, including the put-option risk on the convertible bonds (CB) issued during the acquisition of Volpara (now Lunit International) and concerns about being designated for management due to losses before corporate income tax (pre-tax losses). It will also invest in global business expansion and strengthening product competitiveness.
Seo Bum-seok, CEO of Lunit, said, "Based on the financial stability secured through this rights offering, we will achieve a positive EBITDA by the end of this year."
Payment for the rights offering is on the 30th of this month, and the newly issued shares are scheduled to list on May 15. After the rights offering is completed, a bonus issue allocating one share for each common share will also proceed.