This article was published on June 19, 2025, at 10:44 a.m. on the ChosunBiz MoneyMove website.
NKMAX, a KOSDAQ-listed corporation that entered corporate rehabilitation procedures and faced delisting, has successfully completed a sale. With the corporate review committee of the Korea Exchange scheduled for next month, it is expected to accelerate its improvement plan through the acquisition funds.
According to the investment banking (IB) industry on the 19th, NKMAX received a decision approving the rehabilitation plan related to a confirmed investment agreement with U.S. drug developer NKGen Biotech. NKGen plans to acquire 46.4 million new shares issued by NKMAX for 23.2 billion won. The sale's lead underwriter is Samjong KPMG.
As a result, NKGen will become the largest shareholder of NKMAX, holding 65.01% equity. The existing small shareholders' equity ratio will be adjusted to 24.55%, while the equity ratio of the converted rehabilitation creditors (lending claims, trade claims, related party claims) will be about 9.8%.
Of the 23.2 billion won flowing into the company through a third-party allocation of new shares, 498 million won will be paid to Samjong KPMG as a commission. A special compensation of 126.4 million won for the administrator will be utilized. About 2.6 billion won that will be used for unconfirmed claims will be deposited in an escrow account and planned to be used for repayment when the payment conditions arise.
NKGen was selected as the final acquirer early this year. However, after the advance payment of the deposit, the external environment surrounding the company rapidly changed, resulting in its listing being terminated on the NASDAQ market last March and the inability to pay the remaining balance. Ultimately, the schedule for NKMAX's creditor meeting was extended, placing it in a delisting crisis. However, it is reported that NKGen recently secured funding by successfully attracting investment from external funds.
NKMAX, which was listed on the KOSDAQ market in 2015 through a technology exception, experienced a trading halt last year due to a series of incidents, including the forced sale of shares by major shareholders. It then entered corporate rehabilitation procedures and initiated a major shareholder change through a merger and acquisition (M&A) prior to the approval of the rehabilitation plan. According to an investigation report, NKMAX's continuing business value is minus (-) 36.2 billion won, while the liquidation value is 14.7 billion won.
The Korea Exchange will hold a corporate review committee on the 3rd of next month to decide on the delisting of NKMAX. The industry believes that as NKMAX has successfully rehabilitated, there is a high likelihood of it maintaining its listing. Previously, KG Mobility (formerly Ssangyong Motor) also resumed trading on the securities market after being acquired by KG Group through corporate rehabilitation procedures.
NKGen, which is acquiring NKMAX, is a drug developer that was listed on the NASDAQ Global Market in October 2023. It is currently trading on the over-the-counter (OTC) market as it does not meet the market value requirement among NASDAQ listing criteria. As NKMAX disposed of some equity stakes in NKGen, it lost control, transitioning the relationship between the two companies from parent and subsidiary to affiliate. When the deal is finalized, NKGen, which was previously a subsidiary, will become the parent company.