What 276 companies on the verge of delisting have in common — what the data says

DART (Financial Supervisory Service Electronic Disclosure System) has all the answers.

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However, if you don't know where and how to look, you won't be able to find the signal among hundreds of announcements.

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From a relational risk perspective, we summarize three ways to check within 5 minutes.

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Check 1 — Check convertible bond issuance history (2 minutes)

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① DART → Disclosure search → Enter company name

② Disclosure classification: Select “Securities Report” or “Main Matters Report”

③ Check the number of “decision to issue convertible bonds” announcements

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Judgment criteria:

0 cases: Rest assured (check additional signals)

- 1 case: Content needs to be checked

- 2 or more cases (within 3 years): high warning sign

Confirm:

CB issuance size vs. equity capital ratio

- Whether there is a provision for conversion price adjustment (refixing)

- CB acquirer corporation name (→ major shareholder relationship)

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Check 2 — Track changes in majority shareholder shares (2 minutes)

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① DART → “Report on ownership status of executives, major shareholders, specific securities, etc.”

② Compare the latest 3 to 5 disclosure dates and shareholding ratio

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Judgment criteria:

Stake rate increasing: positive sign

- Share ratio moves sideways: neutral

- Declining stake (especially below 30%): warning sign

- CB issuance time and share reduction time overlap: strong warning

Note:

Announcement may be delayed for on-market sales (based on 5%)

- Small repeated selling = possibility of intentional diversified selling

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Check 3 — Cross-verify executive history (1 minute)

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① DART → Business report of the company → “Status of executives and employees”

② Confirm the names of key executives (CEO, CFO, outside directors)

③ DART search for the same person → Whether he or she is concurrently an executive at another company

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Judgment criteria:

No concurrent positions: general

- Concurrent employment at a small unlisted corporation: confirmation required

- Management stock/traded company history: strong warning sign

- Identical person as CB acquisition corporate executive: Highest warning sign

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5-minute check and conclusion

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| signal | Judgment |

|------|------|

| 2 or more CBs + with refixing | ⚠⚠️ Caution needed |

| Reduction in majority shareholder's stake + overlapping CB issuance | 🔴 Danger |

| Executives come from closed companies | 🔴 Danger |

| All 3 apply | 🚨 Immediate review |

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RaymondsRisk automated this check and applied it to all 3,109 companies.

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key message

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DART already has a signal.

If you know how to read, 5 minutes is enough.

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■ Reference materials

Relational Risk White Paper: https://www.konnect-ai.net/whitepaper- DART Electronic Disclosure: https://dart.fss.or.kr- Keum (2024): Demonstration of private CB risk signals

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