SK hynix revised the registration statement (Form F-1) it had filed with the U.S. Securities and Exchange Commission (SEC) for a Nasdaq listing and resubmitted it on the 30th of last month (local time), completing the application process.
According to Investing.com and others that day, the company's board on the 24th resolved to issue up to 17.79 million new shares (about 2.50% of outstanding shares) as American depositary shares (ADS). The offering size is $29.47 billion (about 45.45 trillion won). All of this had already been disclosed when the initial registration statement was filed on Jun. 24 and did not change in the amended version.
According to the SEC's electronic disclosure system, key offering terms such as the offering price, the volume of ADS to be issued, and the ADS-to-common-share conversion ratio also remained blank in the amended version. The registration statement said the offering price will be finalized after consultation between SK hynix and the underwriters, reflecting the most recent transaction price and market conditions.
However, an antitrust litigation risk was added to the Risk Factors section of the amendment. Newly included was that on the 25th of last month, indirect purchasers of commodity DRAM filed an antitrust class action in the U.S. District Court for the Northern District of California.
The lawsuit was brought by 14 U.S. consumers and three small and mid-sized PC manufacturers against Samsung Electronics, SK hynix, and Micron. The plaintiffs argue that increases in memory prices led to higher prices for IT finished goods such as MacBook and iPad, causing consumers to suffer direct financial harm.
Meanwhile, SK hynix said in the registration statement that, based on tallies by market research firm IDC, it ranked No. 1 in the HBM market in the first quarter of this year with a global share of 56.4%, and No. 2 in the DRAM market including HBM with a share of 29.1%.