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Hanwha Solutions. (Photo courtesy of Hanwha Solutions) |
[Alpha Biz= Kim Jisun] The Korea Exchange has issued a preliminary notice designating Hanwha Solutions as a potential “unfaithful disclosure” entity following significant changes to its previously announced rights offering.
According to regulatory filings on February 17, the designation stems from Hanwha Solutions revising key terms of its capital increase plan disclosed on March 26, including the number of new shares and total issuance amount by more than 20%.
The company initially announced plans to issue 72 million new shares to raise approximately KRW 2.4 trillion. However, in a subsequent amendment filing, it reduced the issuance to 56 million shares and adjusted the total proceeds to about KRW 1.81 trillion.
This represents a reduction of 24.4% in total issuance value and 22.2% in the number of shares—exceeding the 20% threshold set under disclosure regulations.
Under Article 33 of the KOSPI Market Disclosure Rules, companies that alter key details of major corporate decisions, such as capital increases, by more than 20% after disclosure may be subject to designation as unfaithful disclosure entities.
Hanwha Solutions may submit an objection to the preliminary notice by February 28.
The company currently has zero cumulative penalty points over the past year. However, if the final penalty reaches 10 points or more, its shares could face a one-day trading suspension on the date of designation.
The Korea Exchange said it will announce a final decision after completing its review process.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
