Tera Science decides to issue 25 million new shares at 100 won in a third-party allotment while trading suspended... Existing shareholders face 19% dilution and change of control
Tera Science decides to issue 25 million new shares (23.5% of outstanding) at 100 won per share via third-party allotment to raise 2.5 billion won in operating funds
The issue price of 100 won represents an 84.7% discount to the last traded price of 654 won before suspension, based on a DCF valuation by Samdo Accounting Corporation
The largest shareholder will change from Wiplus Investment Association (10.14%) to Seojin Panji Co., Ltd. (23.50%) upon completion
Although all new shares are subject to a 1-year lock-up, the extreme discount issuance severely dilutes existing shareholders' value, amid ongoing delisting risk
The company has been suspended from trading since March 2024 due to listing eligibility review and a disclaimer audit opinion, facing potential delisting
[AI Comprehensive Analysis]While this capital raise aims for operational normalization, the 84.7% discount to market and 19% dilution are extremely adverse to existing shareholders, making this a strong negative event with high risk of further losses rather than stock price recovery
KOSDAQ Filing Information
Filing: [Correction of Description] Report on Major Events (Decision on Paid-in Capital Increase)