KRW 139.2 Billion Pours into NGeneBio's Rights Offering... Subscription Rate at 7,374%

KRW 13.92 Billion in Subscription Deposits for a KRW 1.9 Billion Public Offering
NGeneBio Raises a Total of KRW 7.7 Billion

NGeneBio announced on the 16th that its public offering for forfeited shares, following a rights issue for existing shareholders, attracted KRW 139.2 billion in subscription deposits and achieved a subscription rate of 7,374%.

NGeneBio company logo image. NGeneBio

This public offering took place on September 14 and 15 for 1,757,853 forfeited shares that remained after the subscription rights offering for existing shareholders. The company will issue a total of 7.15 million shares at KRW 1,074 per share, raising approximately KRW 7.7 billion with no forfeited shares left. The funds raised will be used to enhance core technologies, boost sales, and repay debts.

On September 15, NGeneBio held a board meeting and appointed Lee Kyung-nam, the internal director, as the new CEO. Lee has previously served as an inside director and Chief Strategy Officer (CSO), taking part in business strategy and major management issues.

NGeneBio will receive compensation for the temporary drop in market capitalization due to the ex-rights adjustment caused by the paid-in capital increase. This is because, under the revised KOSDAQ Market Listing Regulation Enforcement Rules effective from the 10th, the ex-rights adjustment is reflected in the calculation basis when determining whether a stock fails to meet the minimum market capitalization requirement after a rights issue.

NGeneBio explained that applying an ex-rights ratio of about 15.88%, the pre-listing market capitalization of approximately KRW 16.8 billion is considered equivalent to the pre-ex-rights market capitalization of KRW 20 billion. However, whether the company falls short of the requirement and the actual number of days of non-compliance will be determined by the Korea Exchange according to the relevant regulations.

The newly issued shares from NGeneBio’s paid-in capital increase are scheduled to be listed on October 2. With the additional 7.15 million new shares, the total number of listed shares will increase to 16,086,583.

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