[Edaily Reporter Shin Ha-yeon ] WINTEC Co.,Ltd.(320000)’s planned rights offering, valued at approximately 229억 won, has once again been held up by repeated requests for corrections from the Financial Supervisory Service (FSS). While the rights offering has not been canceled, the fact that the FSS has issued correction requests three times regarding the same fundraising plan is fueling uncertainty regarding the schedule and raising concerns among investors.

According to the Financial Supervisory Service’s electronic disclosure system on the 29th, the FSS requested the submission of an amended filing for HanWool Semiconductor’s securities registration statement on the 26th. This is the third request for corrections since HanWool Semiconductor submitted its initial securities registration statement on April 15, following requests on April 29 and May 29.

The rights offering HanWool Semiconductor is pursuing involves a public offering of unsubscribed shares following a rights offering to existing shareholders. The company plans to issue 4.7 million common shares, with a total offering amount of 22.8655 billion won, based on the initial registration statement.

The intended use of funds was partially revised during the amendment process. Initially, HanWool Semiconductor planned to allocate 17 billion won of the raised funds toward debt repayment and 5.8655 billion won toward working capital; however, following the first amended filing, these figures were adjusted to 8 billion won for debt repayment and 14.8655 billion won for working capital. Consequently, the original plan to redeem convertible bonds was removed, and the focus shifted to repaying loans from financial institutions and securing funds for the purchase of raw materials for inspection equipment.

In addition, key items related to investor protection were included in the revisions. Through its first and second amended registration statements, HanWool Semiconductor revised and supplemented information regarding investment risks, risks associated with transactions with related parties, risks related to the acquisition of major subsidiaries, risks arising from stricter regulatory standards by financial supervisory authorities, and the intended use of funds.

Market observers note that while repeated requests for amendments do not necessarily signify the failure of the rights offering itself, they do pose a burden in terms of investor confidence. Requests to amend a securities registration statement are made when it is determined that additional explanations are needed regarding the accuracy of the information provided, disclosures of investment risks, or plans for the use of funds.

With the financial authorities’ repeated requests for amendments, disruptions to the fundraising schedule are expected to be inevitable. Based on the most recent amended filing, HanWool Semiconductor had proposed August 6–7 for the subscription period for existing shareholders, August 14 as the payment date, and August 28 as the scheduled listing date for the new shares. However, following this latest request for amendments, it has become increasingly likely that the effective date of the securities registration statement and the subscription schedule will be adjusted again.

According to the original plan outlined in the initial securities registration statement, the subscription period was scheduled for August 9–10, with the new shares set to be listed on August 31. With the scheduled listing date already pushed back by nearly a month, the third request for amendments has further increased uncertainty regarding the timeline.

The company maintains that this rights offering is not merely a financial measure but a proactive fundraising effort to respond to the expanding MLCC inspection equipment market. A HanWool Semiconductor official explained, “With the recent growth of the AI server market, demand for MLCCs is on the rise, and this expansion in MLCC demand could present opportunities for back-end inspection equipment companies as well.” The official added, “We pursued this rights offering to proactively respond to market trends, but we apologize to our shareholders for the schedule delays.”

Meanwhile, HanWool Semiconductor was designated as a “stock under investment warning” on the 24th following a recent sharp short-term surge driven by expectations of an improvement in the multilayer ceramic capacitor (MLCC) market. The stock price plummeted by 11.85%, 17.65%, and 17.28% over the three trading days starting on the 24th. The closing price that day was 14,130 won, a 39% drop from the closing price of 23,200 won on the 23rd.