PMT Decides 37.6 Billion Won Rights Offering - Concerns Over Financial Risk and Massive Dilution | Protec Mems Technology(147760)

PMT Co., Ltd. will issue 9,180,134 new shares (84.85% dilution relative to existing shares) via a rights offering and subsequent public offering, raising approximately 37.6 billion won (based on the first issue price).
All proceeds will be used for facility investment (5 billion won for plant construction, 32.6 billion won for equipment).
The company has recorded net losses for three consecutive years (5.5 billion won in 2023, 14.2 billion won in 2024, 22.5 billion won in 2025), with a debt ratio of 503% and a current ratio of 44.33%, indicating severely deteriorated financial stability.
The external auditor noted a 'material uncertainty related to going concern' in the 2025 audit report.
Approximately 79% of revenue is concentrated on Samsung Electronics, and the company experienced two previous quality issues leading to order suspensions and sharp revenue declines.
Depending on 2026 performance, the company may be designated as a managed item due to pre-tax losses or capital impairment, and enhanced market capitalization requirements (30 billion won from January 2027) pose a delisting risk.
The largest shareholder, Protec Co., plans to subscribe for 120% of its allocation, increasing its stake to 51.61%, while minority shareholders face significant dilution.

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