'Penny Stock' i-Scream Edu Faces Delisting Risk as Largest Shareholder Sigong Tech Launches 4.3 Billion Won Tender Offer [Disclosure]

[Financial News] Sigong Tech, the largest shareholder of i-Scream Edu, has launched a tender offer worth 4.3 billion won for the company, which is facing possible delisting. The move is intended to strengthen responsible management as the largest shareholder while giving minority shareholders an opportunity to recover their investments.
i-Scream Edu disclosed on the 10th that its largest shareholder, Sigong Tech, would launch a tender offer for up to 3.6 million common shares at 1,200 won per share. This represents a 30.72% premium over the previous day's closing price of 918 won, bringing the total investment to approximately 4.32 billion won.
As a result, Sigong Tech's direct stake will rise from 28.57% to as much as 54.38%. Including shares held by specially related parties, its stake will increase from 37.08% to 62.89%. The tender offer will run from the 10th through the 29th, with settlement scheduled for the 2nd of next month.
Sigong Tech explained the purpose of the tender offer, saying, "Amid an environment in which i-Scream Edu's management performance is not being reflected in the market valuation in a timely manner, we intend to provide all shareholders with an opportunity to recover their investments on terms more favorable than those available under current market conditions." It added, "We also intend to strengthen responsible management and establish a foundation for consistently pursuing mid- to long-term management strategies."
Earlier, i-Scream Edu was designated as an issue subject to administrative supervision on the 4th of last month after its market capitalization fell below 20 billion won. On the 13th of the same month, its share price fell below 1,000 won, meeting the requirements for a "penny stock" and resulting in an additional reason for the administrative designation.
[email protected] Lim Sang-hyeok Reporter