Semites, which entered the KOSDAQ market through a special purpose acquisition company (SPAC) merger, is down more than 8% early on the first day of listing.
At 9:49 a.m. on the 10th, on the KOSDAQ market, Semites was trading at 7,100 won, down 660 won (8.51%) from the SPAC merger reference price. At one point intraday it slid to 5,770 won, marking a drop of more than 25%, and the volatility interruption (VI) mechanism was triggered.
Semites listed on the KOSDAQ market through an extinguishing merger with NH Special Purpose Acquisition 29. Korea Exchange (KRX) approved the merger listing on the 8th, and trading began that day.
Semites is a corporations specializing in semiconductor automated material handling systems (AMHS). Its main products include overhead hoist transport (OHT), which moves wafers in the front-end semiconductor production line, and clean conveyors. On a consolidation basis last year, it posted sales of 23 billion won and operating profit of 6.4 billion won.
Weakening investor sentiment across the semiconductor sector appears to have weighed on the stock price. At the same time, Samsung Electronics was down more than 3% from the previous trading day, and SK hynix was also showing losses in the 2% range.