STCube Completes 68.4 Billion Won Rights Offering 'Sold Out'... "General Public Subscription Competition Rate 198 to 1"

STCube has successfully raised 68.4 billion KRW in growth capital through a shareholder priority rights offering. The raised funds will be primarily allocated to the clinical R&D of the innovative first-in-class anti-BTN1A1 immune checkpoint inhibitor ‘Nelmastobat’.

On the 28th, STCube announced that the general public subscription held over two days from the 26th to 27th of this month recorded a subscription rate of 19,834.19%. In the general public offering of 8.9 billion KRW for 2,408,247 unsubscribed shares, 477,656,280 shares were applied for, resulting in subscription deposits worth approximately 1.765 trillion KRW.

This shareholder priority rights offering was conducted by first allowing existing shareholders to subscribe, followed by a general public offering of unsubscribed shares. The newly issued shares amount to 18.5 million, representing 39.61% of the total issued shares. The final issue price per new share is 3,695 KRW. The new shares are scheduled to be listed on December 11.

STCube had previously achieved a subscription rate of 86.98% in the existing shareholder subscription, proactively resolving the reason for designation as a management stock. The strong demand continued in the general public subscription, resulting in a combined final subscription rate of 2,668.91%, successfully raising the full target amount of 68.4 billion KRW. Including the 13 billion KRW raised from a third-party allotment paid in October, the company has secured a total of 81.4 billion KRW in operating funds this year.

An STCube representative stated, “The success of this rights offering reflects the excellent clinical results of Nelmastobat and the high interest from shareholders and investors. We expect that not only the clinical results but also significant changes such as removal from the management stock list, an increase in the major shareholder’s stake, and an increase in Nelmastobat’s royalty rate will serve as a positive turning point in the company’s valuation by demonstrating intrinsic growth potential.”

They added, “Nelmastobat consistently demonstrates the efficacy and safety of the anti-BTN1A1 mechanism immune-oncology treatment with clinical data exceeding expectations. As clinical trials expand significantly next year, we anticipate delivering even more meaningful results that will attract market attention.”

This content was produced with the assistance of AI translation services.