[Edaily Reporter Kwon Oh Seok ] KOSDAQ-listed company Sonid(060230)announced on the 13th that it has resolved concerns regarding the maintenance of its listing by raising a total of 8.02 billion won in capital through the completion of a paid-in capital increase from its largest shareholder, Hyulim ROBOT Co.,Ltd.(090710), and the conversion of convertible bonds (CBs).

With the inflow of funds from this rights offering, JK Synapse has surpassed a market capitalization of 20 billion won, thereby initially averting the risk of being designated as a “monitored stock” due to falling below the minimum market capitalization threshold (less than 20 billion won). Once the listing of new shares resulting from the CB conversion—scheduled for the 27th—is completed, the company is expected to firmly establish itself in a stable position to maintain its listing status.
Previously, on July 28, JK Synapse completed the payment for a 3 billion won third-party private placement directed at its largest shareholder, Hyulim ROBOT Co.,Ltd. The new shares (3,099,173 common shares) were listed on the 11th of this month. Subsequently, the 25th series of convertible bonds (CBs), totaling 5.02 billion won (3 billion won on the 10th and 2.02 billion won on the 11th), were also converted into common stock. The new shares resulting from this CB conversion (a total of 5,185,947 shares) are scheduled to be listed on the 27th.
As a result, JK Synapse has achieved a capital increase and improved its financial structure by a total of 8.02 billion won, combining the 3 billion won from the paid-in capital increase and the 5.02 billion won from the convertible bond conversion. With the market capitalization increasing due to this capital expansion, concerns raised in some market circles regarding the company’s potential designation as a “monitored stock” are expected to be alleviated.
In particular, the company used the infused funds to repay existing debt and convert a large portion of its convertible bonds into equity. This is expected to significantly improve the company’s financial health by reducing debt and lowering interest expenses. It is also expected to provide momentum for a turnaround in performance, including improvements in profitability metrics and operating profit margins.
Management also continued to purchase the company’s shares. JK Synapse CEO Kevin In-seok Hwang and Deputy CEO Ji-hyun Lim purchased 64,372 shares (0.45% stake) and 62,500 shares (0.44% stake), respectively, on the open market.
A JK Synapse official stated, “Through this large-scale capital increase, we have restored market confidence and created an opportunity to address concerns regarding market capitalization requirements and potential designation as a ‘monitored stock.’” The official added, “Having mitigated major financial and corporate governance risks under the major shareholder’s strong commitment to responsible management, we will spare no effort in enhancing shareholder value.”