UNION KOREA PHARM Delays Listing of Rehabilitation Debt-to-Equity Shares to July 22, Massive 650% Dilution Unchanged
UNION KOREA PHARM amended its previously disclosed rights offering decision on July 8, 2026, changing the expected listing date of new shares from July 15, 2026 to July 22, 2026 due to practical delays with the deposit and settlement agency.
This correction is purely administrative and does not alter the core terms of the massive debt-to-equity swap under the rehabilitation plan: 51,660,308 new shares issued at 500 won per share, resulting in approximately 650% dilution for existing shareholders.
The debt-to-equity swap aims to repay debt without new cash inflow, and the largest shareholder will change to individuals including Park Gwang-seok. Existing shareholders should remain cautious about severe value dilution.
[AI Summary]This amendment is a procedural schedule adjustment only; the fundamental dilution impact of the rehabilitation plan remains unchanged. The 650% dilution and 82% discount to face value continue to pose significant negative implications for shareholder value, requiring careful investor consideration.
KOSDAQ Filing Information
[Correction of Description] Report on Major Events (Decision on Paid-in Capital Increase)