Innospace's shares are plummeting following news that the test flight of its multipurpose suborbital rocket, 'Sebit,' ended prematurely.
As of 9:19 a.m. on the Korea Exchange, Innospace's stock was trading at 6,200 won, down 1,880 won (23.27%) from the previous trading day. The stock opened at 6,470 won and briefly fell to 5,830 won during the session.
The sharp decline is attributed to the announcement that the Sebit test flight concluded earlier than planned. Innospace reported that the flight, conducted at the Alcântara Space Center in Brazil on August 19 at 4:30 p.m. local time, was cut short.
Sebit is a first-stage rocket equipped with a 3-ton hybrid rocket engine, designed to transport payloads below an altitude of 100 kilometers. After ignition from its launch pad, the rocket took off normally, but deviations from the planned trajectory were detected during the flight, leading to its early termination.
According to Innospace, Sebit landed within the maritime safety zone off Brazil, and there were no injuries or damage to facilities. The company is currently analyzing the collected data to determine the flight's altitude, distance, time, and the reasons for the mission's early conclusion. After identifying the exact cause and detailed flight results, Innospace plans to implement necessary improvements and proceed with follow-up test flights.
* This article has been translated by AI.
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