[Alpha Biz= Reporter Kim Joonhyun] The Korea Exchange has issued a warning to Hanwha Aerospace regarding a potential designation as a non-compliant company due to a 36.1% reduction in its planned capital increase.


According to the Financial Supervisory Service's electronic disclosure system on April 10, Hanwha Aerospace disclosed that the company could face a non-compliant designation under Article 33 of the KOSDAQ Market Disclosure Rules, following a change of over 20% in the number of shares issued and the amount of capital raised in its recent public offering.



Initially, Hanwha Aerospace had announced plans for a capital increase of 3.6 trillion KRW on March 20, which would have been the largest in Korean stock market history. The company cited securing investment funds for its ambition to become a global defense contractor as the purpose for the issuance.



However, suspicions arose that the funds might be used for the major shareholder’s management succession process, prompting the Financial Supervisory Service to demand corrections to the securities filing for the capital increase.



On April 8, Hanwha Aerospace reduced the planned capital increase to 2.3 trillion KRW, cutting 1.3 trillion KRW from the originally proposed amount.



The Korea Exchange’s Listing Disclosure Committee will deliberate on whether to designate the company as non-compliant and determine any penalties or disclosure-related sanctions. If penalties exceed 10 points, trading will be suspended for one day on the date of designation.



The committee may waive deliberations if there are no objections, if the violation was neither intentional nor grossly negligent, if the violation is not deemed severe, and if there have been no previous violations of disclosure obligations in the past year.



The company can file objections to the warning regarding the potential non-compliant designation by April 18, in accordance with Article 34 of the KOSDAQ Market Disclosure Rules.



Hanwha Aerospace has submitted a revised securities filing to the Korea Exchange, detailing the reduction of the public offering to 2.3 trillion KRW, while securing the remaining 1.3 trillion KRW through a third-party allotment.

 

 

 

[ⓒ 알파경제. 무단전재-재배포 금지]