RF Materials Announces ~28.1 Billion Won Rights Offering

Issuing 500,000 new common shares (dilution ~5.89%) via rights offering with public offering of unsubscribed shares; estimated issue price 56,300 won; total proceeds ~28.15 billion won
Funds to be used for facility investment (land purchase 8.78B won, new factory construction 16.22B won) and working capital (raw material purchase 3.15B won)
Largest shareholder RFHIC plans to fully subscribe (maintains 41.54% stake post-offering)
2025 consolidated revenue 64.08B won (+44% YoY), operating profit 7.37B won (swing to profit), net income 10.38B won, debt ratio 48.39%, net cash 18.67B won
Key risks: high customer concentration (top 2 customers 69%), stock price volatility (range 4,245-92,900 won), raw material price increases, dependence on AI data center investment cycle
Designated as investment alert stock 3 times and caution stock 13 times in recent 3 years
Recent stock surge results in estimated issue price 56,300 won (23.7% discount to closing price 73,800 won on Apr 7)

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