One Korean private placement diluted shares by 80 percent. Another, by 106 percent.
NC& and Satoshi Holdings each filed third-party share placements this month. NC&'s new shares equal 79.7% of its prior count; Satoshi's new shares exceed its prior count outright, at 105.9%.
AI-assisted, human-reviewed sourcing. Figures are pulled programmatically from the official sources listed at the end of this article and checked by an editor before publication.
dartrights-issuedilutionthird-party-placementkorea
Two Korean-listed companies each filed a third-party share placement this month with strikingly different dilution. NC& Co. is issuing new shares equal to 79.7 percent of its prior total. Satoshi Holdings Co. is issuing new shares that exceed its prior total outright — 105.9 percent of what existed before the filing.
Two placements, side by side
| New shares | Shares before | Dilution | |
|---|---|---|---|
| NC& Co. | 4,000,000 | 5,016,703 | 79.7% |
| Satoshi Holdings | 5,509,745 | 5,204,642 | 105.9% |
Both are structured as third-party allotments (제3자배정증자), meaning the new shares go to specific investors rather than existing shareholders or the open market. NC& states its raised capital — 10 billion won — is for operating funds. Satoshi Holdings splits its raise between roughly 2.7 billion won for operating funds and 11.7 billion won for debt repayment.
A separate flag on one of the two names
Independent of the placement, Satoshi Holdings filed a market notice on 17 September disclosing that its market capitalization had fallen below the 20-billion-won threshold that can trigger an administrative-issue designation. We are reporting this because it is a separate, dated filing from the same week, not because we are drawing a conclusion about the placement’s purpose.
Why we dropped a third company we checked
We also pulled capital-increase data for Woosung Materials, which filed a rights issue in the same period. Its own filing history shows five separate corrections to that decision between 10 and 18 September — enough revision traffic that we could not confirm which figures were final at the time we checked. Rather than publish a number that might already be superseded, we excluded it.
What this figure cannot tell you
A filed share count is not a completed transaction — placements can be adjusted or withdrawn before closing. We are not saying whether either raise is good or bad for the company, and we have not measured any price reaction to either filing.
Method
We match DART’s daily filing-list scan against the report type “paid-in capital increase decision” and pull the structured detail record for each match via DART’s own piicDecsn API, using the most recently corrected filing where a correction exists. Company English names are taken from DART’s own company-registry API. Not investment advice.
Data & Verification Notes
- Data as of
- Sources
- Financial Services Commission (Republic of Korea) / DART — Paid-in Capital Increase Decision (piicDecsn) — filing detail by company and date
- SeoulMarkets — Daily breaking-disclosure scan, weighted by report-type (collect-dart-breaking.mjs), cross-checked against the structured capital-increase API
- Cross-checks
- NC& Co.: new shares 4,000,000 against a pre-issuance total of 5,016,703 (79.7%), raising 10,000,000,000 won stated for operating capital, via third-party allotment. Original filing 16 September, corrected 18 September; figures are from the corrected filing.
- Satoshi Holdings Co.: new shares 5,509,745 against a pre-issuance total of 5,204,642 (105.9%) — the new share count exceeds the prior total — raising roughly 2.7bn won for operating capital and 11.7bn won for debt repayment, via third-party allotment. Original filing 16 September, corrected 18 September; figures are from the corrected filing.
- Satoshi Holdings also filed a market-notice disclosure on 17 September flagging a market-capitalization shortfall (below the 20bn-won administrative-issue threshold) — a separate, verified filing from the same week.
- Excluded figures
- A third company we checked, Woosung Materials, filed five separate corrections to its own capital-increase decision across 10-18 September — too many revisions in too short a window for us to identify which figures are final, so we excluded it rather than report a number that might already be superseded
- Share price or market reaction to either placement — we are reporting share-count dilution as filed, not a price effect we have not measured
- Whether either placement will be completed as filed, or whether the market-cap flag on Satoshi Holdings will result in an actual administrative-issue designation — both are forward outcomes, not filed facts
The full dataset behind these figures — every listed company, every row — is available to license. SeoulMarkets data for licence →
Not investment advice. SMarkets publishes data journalism for general information only. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security — any investment you make is at your own risk and responsibility. Figures are derived from official public data sources and may be revised by the issuing agency. Verify independently before acting.
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