The Financial Supervisory Service announced on the 23rd that it has requested a correction to the securities registration statement submitted by POSCO FUTURE M for the capital increase.
The FSS has demanded that POSCO FUTURE M specify the total investment scale related to the joint venture investment and include the possibility of additional fundraising. It also requested an explanation for investing in a newly established domestic corporation instead of using existing production facilities and asked for a detailed annual plan for fund usage.
It additionally requested clarification on the reasons for pursuing a capital increase rather than other funding methods, as well as the reasons for additional fundraising six months after raising 600 billion won in December 2024.
Earlier, POSCO FUTURE M announced on the 13th that it had decided to conduct a rights offering worth 1.1 trillion won.
The purposes of the fundraising include 181 billion won for facility funding, 288.3714 billion won for operating funds, and 630.7 billion won for acquiring securities from other companies.
POSCO FUTURE M stated that it would expand its production capacity for anode and cathode materials, both domestically and internationally, using the funds raised through the capital increase, including the Canadian anode material joint plant and the expansion of the anode material factories in Pohang and Gwangyang.
The FSS has selected POSCO FUTURE M's capital increase as a focal point for examination, following Samsung SDI and Hanwha Aerospace, and has been reviewing it.