INNOSPACE Announces Rights Offering of 7,000,000 Shares at 11,780 Won (82.46B Won)
Rights offering: 7,000,000 common shares (30.47% dilution), estimated price 11,780 won, total 82.46B won. 25% discount.
Use of proceeds: debt repayment (15B won bridge loan), facility investment (6.65B won), operating funds (60.81B won).
Financials (2025): Revenue 2.75B won, operating loss 72.2B won, net loss 75.1B won. Current ratio 256%, debt ratio 34.7%.
Business risk: Commercial launch failure in Dec 2025 (1st stage combustion chamber seal issue). Re-launch planned from Q3 2026 but subject to launch permit delays.
Dilution of major shareholder: CEO Kim's stake from 13.22% to ~10.29% (assuming 5% participation). Potential contest with Kolon affiliate.
Other: Possible intensive review by FSS, bridge loan risk, risk of being designated as a managed stock (sales below 3B won are deferred).