Hanon Systems - A Rights Offering of 900 Billion Won
Hanon Systems [Bearish]
Hanon Systems announced that it has finalized a rights offering capital increase of 900 billion won. This capital raise will involve 347.5 million common shares (51.2% of outstanding shares)
The expected rights offering price is 2,590 won per share, which is 18.4% lower than current price of 3,175 won.
We remain Negative on Hanon Systems (018880 KS). There is a high probability that this rights offering deal will likely be a dilutive deal for the Hanon System shareholders.
