Clobot Announces 200 Billion Won Rights Offering and Acquisition of Doosan Logistics Solution
- Clobot Co., Ltd. has decided on a rights offering followed by a public offering of unsubscribed shares worth approximately 200 billion KRW (expected issue price 36,400 KRW, discount rate 25%), issuing 5,494,500 new shares (dilution ratio 21.98%).
- The proceeds are planned to be used for the acquisition of Doosan Logistics Solution (DLS) (1st priority, 70 billion KRW), additional investment in DLS (2nd priority, 45.8 billion KRW), establishment of a US subsidiary (3rd priority, 46.5 billion KRW), and expansion of existing business (4th priority, 37.7 billion KRW).
- The target DLS is in a complete capital impairment with a total equity of -46.9 billion KRW as of end-2025, and has provisions of about 54.4 billion KRW related to a warehouse collapse accident in Thailand; however, this risk is to be borne by the seller (Doosan).
- The largest shareholder, CEO Kim Chang-goo, plans to subscribe to only about 10% (1 billion KRW) of his allotment due to a 3-year lock-up on his holdings, reducing his stake from 15.54% to 13.02% after the offering.
- There is a risk of deviation from IPO performance estimates: 2025 revenue shortfall of 36.65% vs. forecast, operating and net income turning to losses (-3.18 billion and -2.15 billion KRW respectively).
- The company has recorded operating losses and net losses for the past three consecutive years (2025 operating loss 3.18 billion KRW), has no borrowings but negative operating cash flow (-2.9 billion KRW), relying on external funding.
- The rights offering may be subject to intensive review by the Financial Supervisory Service due to criteria such as dilution ratio (22%), discount rate (25%), financial deterioration, and IPO performance gap; this could lead to delays or changes in terms.
- In 2025, consolidated revenue was 41.4 billion KRW (up 24% YoY), but operating loss was 3.2 billion and net loss 2.2 billion. Debt-to-equity ratio was 20.8% and current ratio 624.9%, indicating sound financial stability but need for profitability improvement.
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KOSDAQ Filing Information
- Filing: [Correction of Description] Securities Registration Statement (Equity Securities)
- Company: CLOBOT (466100)
- Submission: CLOBOT Co., Ltd.
- Receipt: 05-04-2026