독립리서치-R | IRP

Two markets spent 2026 raising the same kind of threshold. Both ended the year with that threshold suspended. The sequence in which the suspension arrived is the part worth reading. A continued-listing floor based on market capitalisation is a rule with an unusual property: the company does not file the variable that decides it. Revenue, equity and audit opinions arrive from the issuer. Market value arrives from everyone else. When an exchange raises that floor, it changes an outcome the issuer cannot directly produce, which is why the procedure for objecting to the rule carries more weight here than it does for a filing-based criterion. What the two markets did Nasdaq's new standard requires USD 5 million in market value of listed securities and pairs it with a substantially accelerated removal process — the traditional cure period and the automatic stay on appeal are both removed. The SEC approved it on 22 July 2026. On 4 August 2026, following a petition by the Small Public ...

  Every continued-listing regime has to pick a variable. The choice looks technical and is not. It decides who produces the evidence that ends a listing, and therefore how much time sits between that evidence and the exit. Korea has moved that variable decisively toward price. The minimum market capitalisation for continued KOSDAQ listing was raised from KRW 4.0bn to KRW 15bn early in 2026, then to KRW 20bn from July. A separate rule, also effective July, targets shares trading below KRW 1,000. Both are measured the same way: thirty trading days below the line brings designation as a management issue, and the company must then hold above the line for 45 consecutive trading days inside a 90-day window to avoid a delisting decision. The counts, as reported on 25 September 2026 Between 12 August and that date, 17 KOSDAQ issuers were designated on the market-capitalisation test. Eight KOSDAQ issuers, excluding SPACs, have had delisting decided this year on that test — none in the fi...

기업리서치 이삭엔지니어링 - 기존 주력 고객 매출 확대와 자원순환 업황 개선, 원가율 정상화와 신사업 손익 입증이 다음 과제  기업리서치 - #이삭엔지니어링 #351330 ​  핵심 포인트  2025년 연결 매출 789.9억원(+15.4%),  영업손실 -71.8억원,  매출총이익률 3.4%  10% 이상 고객 3사 매출 239.4억원 → 337.1억원(+40.8%),  연결 매출의 42.7% 매출 증가분 105.4억원 중 83.7%(88.2억원)가 상품 도소매 — 원가율 상승의 첫 요인 관계기업  이삭화유리사이클  2025년 매출 53.0억원,  계열 대여·채권·보증 151.3억원(자본총계의 43.7%) 전환사채 100억원(전환가액 6,668원) 발행,  부채비율 67.0% → 124.1%  보고서 제출일 기준 수주잔고 약 451억원(2025년 매출 대비 약 0.57년분) ​  요약   이삭엔지니어링은 2006년 설립해 2021년 코스닥에 상장한 #반도체 ·철강 설비 제어 엔지니어링 기업이다.  2025년 연결 매출은 789.9억원(+15.4%)으로 회복했으나 영업손실은 -71.8억원으로 확대됐고, 매출총이익률은 2022년 16.0%에서 3.4%까지 3년 연속 하락했다. ​  매출증가분 105.4억원 중 83.7%가 저마진 상품 도소매에서 발생했고, 재료·상품 매입과 진행기준 추정 변경 손실, 재고평가손실이 원가율을 끌어올렸다.  연결 매출의 10% 이상 고객 3사 매출은 239.4억원에서 337.1억원으로 40.8% 늘었으며, 주력 고객인 #SK하이닉스 는 #M15X 가동과 용인 1기 팹 등 설비투자를 확대하고 있다. ​  자원순환 신사업은 관계기업 #이삭화유리사이클 (전처리)이 2025년 매출 53.0억원을 올렸으나, 동사의 관계기업 계열 대여·채권·보증 합계 151....

On 21 September, at a press briefing marking his first year in office, Korea Fair Trade Commission chairman Joo Byung-ki described the Naver Financial–Dunamu share exchange as a combination of dominant platforms across search, simple payments and digital assets. He said the KFTC is examining the deal's competitive effects across a total of 10 connected markets, that it has issued more than ten rounds of data requests, and that the volume of economic analysis makes this a high-difficulty review. He committed to concluding deliberation within the year. Two and a half months earlier, the schedule had already moved. Naver disclosed in July that the shareholder meeting for the comprehensive share exchange was pushed from 18 August to 19 November, and the effective date of the exchange from 30 September to 31 December — the second postponement, against an original plan to close in the first half of the year. Completion requires several separate clearances: KFTC merger approval, approva...

On 18 September 2026, a KOSDAQ-listed company called Satoshi Holdings (223310) filed an amendment to a disclosure it had already made. The placement itself stayed recognisable: 5,509,745 new shares to a single investment partnership at KRW 2,668 per share, KRW 14.7bn in total, locked up at the Korea Securities Depository for one year. What the amendment changed was the table underneath. Working capital fell from KRW 3,999,999,660 to KRW 2,999,999,660. Debt repayment rose from KRW 10,700,000,000 to KRW 11,700,000,000. And the list of debts being repaid gained an entry: the company's 13th-series convertible bond, held by an investment partnership. Eight days before that, on 10 September, the same company had disclosed something that makes the amendment legible. It was buying back, early, a KRW 7.0bn private convertible bond — its 12th series, issued on 9 March 2026 with a maturity of 9 March 2029. The buyback price, principal plus interest, was KRW 7,000,649,003. The disclosure nam...

On 21 September 2026 a KOSDAQ-listed company resolved a third-party share placement of roughly KRW 10bn, disclosed the following morning. The mechanics are ordinary: 4,796,163 new shares at KRW 2,085 apiece — about 16.3% of shares outstanding before the issue — priced at a 10% discount to a reference price of KRW 2,316 struck the day before the board met. Payment is due 9 November 2026, the new shares list on 30 November, and every one of them is locked up for a year. On payment, the largest shareholder changes. The line worth stopping on is not any of those. It is the use-of-proceeds table. Purpose: working capital, in full. Schedule: KRW 4.999bn in 2027, KRW 5.00bn in 2028 and after. Two rows. The year the money actually arrives is not one of them. What that does to the arithmetic Capital efficiency indices read three things: return on invested capital, asset turnover, and the investment gap — the distance between capital a company holds and capital it has put to work. The first ...