Ecopro BM's plan for a 1.2 trillion won capital increase has been halted by the Financial Supervisory Service (FSS).
On July 15, the FSS announced that it had requested Ecopro BM to submit a correction report the previous day.
The request was made because the securities registration statement was either improperly formatted or contained false information regarding important matters, or failed to include significant details, which could hinder reasonable investment decisions by investors or lead to serious misunderstandings.
As a result of the FSS's request for corrections, the effectiveness of Ecopro BM's securities registration has been suspended. If Ecopro BM does not submit the correction report within three months, the capital increase will be withdrawn.
Ecopro BM had announced on June 30 that it decided to pursue a capital increase of 1.2 trillion won to fund the acquisition of securities from other companies, facility investments, and operational expenses. This amount corresponds to approximately 10.1% of the total number of existing shares and involves the issuance of 9,909,990 common shares through a public offering of unissued shares.
The company stated that this capital increase is a strategic decision to secure funds necessary for the second phase of investment in its nickel refinery in Indonesia and the commencement of mass production at its factory in Hungary.
* This article has been translated by AI.
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