40 Billion Won Rights Offering: Persistent Losses and Near-Delisting Risk

Decided a 40 billion KRW rights offering (ratio 36.69%, discount 25%)
Revenue grew from 8.5B to 19.0B (2023-2025), but operating loss persisted (18.0B→11.6B), net loss (18.3B→15.2B)
As of 2025: debt ratio 180.5%, current ratio 32.4%, net debt to equity 43.7%. Financial health weak
Risk of managed item designation: if 2026 pre-tax loss exceeds 50% of equity (already exceeded in 2024, 2025)
Capital impairment rate 42.3% (2025), near 50% threshold; using reverse stock split (face value 500→100) and this offering to address
Export sales heavily concentrated: 91.4% from single customer GP글로벌 in 2025 (project-based), sustainability uncertain
Major shareholder stake only 11.48%, planning to subscribe only 40% of allotment, further dilution possible
Major shareholder lock-up (10.03% shares) expires July 2026 => potential overhang
If undersubscribed, 20% additional fee on unsubscribed shares to underwriter; discount leads to price pressure
Q1 2026 operating loss 3.4B, operating cash flow -2.4B, cash only 250M
Fund use: 1st debt repayment (8.4B), 2nd factory balance (6B), 3rd operations & R&D (23.7B)

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Filing: [Correction of Description] Securities Registration Statement (Equity Securities)
Company: SENSORVIEW (321370)
Submission: SENSORVIEW CO., LTD.
Receipt: 05-18-2026