"Sale Restriction Immediately After Listing"... Mirae Asset Securities Guarantees 'Subscription Withdrawal Right' for SpaceX

Trading Unavailable on Listing Day Due to Administrative Delays
Transactions Possible Only After June 16 (KST)
Withdrawal Applications Accepted Until Noon on June 11

Mirae Asset Securities, which managed the public offering subscription for U.S. aerospace company SpaceX, has taken the unprecedented step of allowing investors to withdraw their subscriptions in order to protect them.

On June 10, Mirae Asset Securities announced that it would grant all individual and institutional professional investors who participated in the two rounds of subscriptions the right to cancel their contracts.

According to the notice sent by the securities firm on this day, investors wishing to cancel their participation in the public offering must complete their withdrawal applications by 12:00 noon on June 11.

Initially, Mirae Asset Securities planned to credit the secured public offering shares to subscribers' accounts in advance, even before the official deposit process with the Korea Securities Depository was completed, so investors could buy and sell as soon as the stock debuted on the market. The intention was to proactively protect investors from the risk of sharp price fluctuations that might arise with the start of global trading.

However, due to an administrative guideline requiring that both the U.S. local deposit and domestic deposit processes be fully completed before trading is permitted, the official trading schedule has been formalized. As a result, it is expected that participants will only be able to actually sell their shares around June 16 (Korea Standard Time), at least two days after the listing.

Mirae Asset Securities acknowledged that investors could be exposed to the risk of significant price fluctuations during the two-day lock-up period and apologized, stating that it decided to open up the option for subscribers to recover their funds in consideration of the uncertainty regarding the trading timeline. The company also emphasized that it will prioritize the establishment of safeguards and advance risk notifications in future efforts to identify global high-quality asset investment opportunities.

Meanwhile, SpaceX, led by Tesla CEO Elon Musk, plans to raise an unprecedented amount of funds—about $75 billion (approximately 114 trillion won)—through this blockbuster initial public offering (IPO). The market projects the post-listing valuation to reach as high as $1.75 trillion (about 2,700 trillion won). For this IPO, the Mirae Asset Group joined the joint underwriting syndicate alongside more than 20 global investment banks, and the final allocation will be determined on June 11.

This content was produced with the assistance of AI translation services.