Ilshin Spinning Withdraws Plan to Acquire 2.5M Shares of HIGEN RNM... Counterparty Default Leaves 1.55M Shares (~52.6B KRW) Undone, While 950K Shares Already Bought at a Discount to Market
Ilshin Spinning (formerly Ilshin Spinning) announced on May 29 the withdrawal of its plan to trade specific securities (common stock) of HIGEN RNM (KOSDAQ: 160190).
The original plan was to acquire 2.5 million shares (8.09% of outstanding) via off-hour block trades from May 4 to May 29, 2026, with a total transaction value of approximately 81.06 billion KRW (at 32,425 won per share).
The reason for withdrawal is 'counterparty's failure to perform the contract,' leaving 1.55 million shares (about 52.58 billion KRW) unacquired as of the final trading date (May 29).
Actual executed trades up to withdrawal: (1) 500,000 shares at 33,836 won (16.92 billion KRW) on May 15, (2) 450,000 shares at 25,700 won (11.57 billion KRW) on May 29, totaling 950,000 shares (approx. 28.48 billion KRW).
The second execution price (25,700 won) represents a ~20% discount to the closing price of 32,150 won on that day, indicating a large discounted block was absorbed.
The cancellation removes anticipated buying pressure, a mildly negative factor for the stock price, but the partial execution at a discount provides some neutral balance.
[AI Comprehensive Analysis]This disclosure reflects a large block deal canceled due to counterparty default. The unexecuted portion is unlikely to become an overhang as it was a planned purchase. Since the event is unrelated to HIGEN RNM's fundamentals, the impact on enterprise value is limited; however, the loss of potential buying support may dampen short-term sentiment.
KOSDAQ Filing Information
Filing: Report on Withdrawal of Transaction Plan for Specific Securities by Executives and Major Shareholders