CSA Cosmic Amends 4 Billion Won Rights Offering Delaying Payment to August 31 and Adding GNB Union as Subscriber
CSA Cosmic submitted a correction disclosure on July 3, 2026 amending key terms of its third-party rights offering initially decided on November 20, 2025.
The payment date is postponed from July 3, 2026 to August 31, 2026, with the listing date adjusted to September 16, 2026.
The subscriber allocation originally solely to DFPP Union for 20 million shares is now split: 10 million shares to GNB Union the major shareholder and 10 million shares to DFPP Union.
The total new shares of 20 million represent an 18.75% dilution relative to the pre-issuance outstanding shares of 106,638,983, with an issue price of 200 won at an 8% discount to the reference price.
The new shares are subject to a 1-year lock-up, but repeated delays in payment and the fact that both GNB Union and DFPP Union have the same largest investor IHQ raise governance concerns.
[AI Summary]This amendment is a procedural adjustment due to payment delay and subscriber change with no alteration to the overall capital raise or dilution impact. However, the prolonged delay of over seven months since the initial decision and the addition of a major shareholder affiliate as a subscriber may raise questions about funding urgency and transparency. The near-term stock price impact is neutral but long-term shareholder dilution remains a concern.
KOSDAQ Filing Information
[Correction of Description] Report on Major Events (Decision on Paid-in Capital Increase)