Announcement • May 14
Solux Co., Ltd. announced that it expects to receive KRW 25 billion in funding from Inthemoney. Inc Solux Co., Ltd. announced a private placement to issue series 8 unregistered interest unsecured private convertible bonds for gross proceeds of KRW 25,000,000,000 on May 12, 2026. The transaction includes participation from new investor, Inthemoney. Inc. The bonds have coupon rate of 2% and yield to maturity of 8%. The bonds will mature on May 29, 2029. The bonds will be 100% converted into 7,240,081 common shares at a fixed conversion price of KRW 3,453 per share. The conversion period is from May 29, 2027 to April 29, 2029. The payment date of the transaction is May 29, 2026. The transaction has been approved by the board of directors of the company. The security is subject to prohibition of conversion and recommendation split for one year from the date of issuance of bonds. Announcement • Mar 27
Solux Co., Ltd. announced that it has received KRW 7.501 billion in funding from Chabiotech Co.,Ltd. On March 26, 2026, Solux Co., Ltd. has closed the transaction. Announcement • Mar 24
Solux Co., Ltd. announced that it has received KRW 5 billion in funding On March 23, 2026, Solux Co., Ltd. has closed the transaction. Announcement • Mar 13
Solux Co., Ltd., Annual General Meeting, Mar 26, 2026 Solux Co., Ltd., Annual General Meeting, Mar 26, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 32-22, jeongannonggongdanji-gil, jeongan-myeon, chungcheongnam-do, gongju South Korea New Risk • Mar 03
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩146.8b (US$99.2m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 82% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (₩146.8b market cap, or US$99.2m). New Risk • Dec 25
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South Korean stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 82% per year over the past 5 years. Announcement • Nov 28
Solux Co., Ltd. announced that it has received KRW 6 billion in funding from Sangsangin Savings Bank, Sangsangin Plus Savings Bank Co.,Ltd. On November 27, 2025, Solux Co., Ltd. closed the transaction. Announcement • Nov 19
Solux Co., Ltd. announced that it expects to receive KRW 6 billion in funding from Sangsangin Savings Bank, Sangsangin Plus Savings Bank Co.,Ltd. Solux Co., Ltd. announced private placement of Series 7 Bearer Convertible Bonds with secured interest due November 27, 2028 for gross proceeds of KRW 6,000,000,000 on November 19, 2025. The transaction includes participation from returning investors Sangsangin Savings Bank for KRW 3,000,000,000 and Sangsangin Plus Savings Bank Co.,Ltd. for KRW 3,000,000,000. The bonds bear 2% interest rate and 6% yield to maturity rate and will mature on November 27, 2028. The bonds are 100% convertible into 1,445,086 common shares at a converion price of KRW 4152 from conversion period of November 27, 2026 to October 27, 2028. The bonds are restricted for 1 year. The transaction is approved by board of directors of the company and is expected to close on November 27, 2025. Announcement • Sep 17
Solux Co., Ltd. announced that it expects to receive KRW 9 billion in funding Solux Co., Ltd. announced a private placement to issue 4% Series 6 Bearer Unsecured Private Convertible Bonds due September 24, 2028 for gross proceeds of KRW 9,000,000,000 on September 15, 2025. The transaction will include participation from new investor Koishima Co., Ltd. The transaction has been approved by shareholders, expected to close on September 24, 2025, matures on September 24, 2028, 100% convertible into 1,764,014 shares at a fixed conversion price of KRW 5,102 from September 24, 2026 to September 23, 2028, bears 4% coupon rate, 8% maturity rate and restricted to a hold period. New Risk • Aug 31
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₩6.2b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₩6.2b free cash flow). Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 84% per year over the past 5 years. Announcement • May 30
Solux Co., Ltd. has completed a Follow-on Equity Offering in the amount of KRW 809.997622 million. Solux Co., Ltd. has completed a Follow-on Equity Offering in the amount of KRW 809.997622 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 241,574
Price\Range: KRW 3353
Transaction Features: Subsequent Direct Listing Announcement • May 21
Solux Co., Ltd. has filed a Follow-on Equity Offering in the amount of KRW 999.998808 million. Solux Co., Ltd. has filed a Follow-on Equity Offering in the amount of KRW 999.998808 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 298,329
Price\Range: KRW 3352
Transaction Features: Subsequent Direct Listing Announcement • Apr 30
Solux Co., Ltd. announced that it expects to receive KRW 15 billion in funding from SD Interactive Inc. Solux Co., Ltd. announced a private placement transaction to issue 4% Series 5 Unregistered Unsecured Private Placement Convertible Bonds due May 9, 2028 for gross proceeds of KRW 15,000,000,000 on April 29, 2025. The transaction will include participation from SD Interactive. The transaction has been approved by board of directors of the company,restricted to a hold period. The transaction is expected to close on May 9, 2025, and 100% convertible into 3,758,456 shares at a fixed conversion price of KRW 3991 from May 09, 2026 to May 08, 2028 bearing 4% coupon rate,8% maturity rate, matures on May 9, 2028. Announcement • Mar 20
Solux Co., Ltd. announced that it has received KRW 24 billion in funding from Sangsangin Plus Savings Bank Co.,Ltd., Sangsangin Savings Bank On March 19, 2025 Solux Co., Ltd. closed the transaction. Announcement • Mar 15
Solux Co., Ltd. announced that it expects to receive KRW 24 billion in funding from Sangsangin Plus Savings Bank Co.,Ltd., Sangsangin Savings Bank Solux Co., Ltd. announced a private placement that it will issue Series 3 Unregistered Interest Unsecured Private Placement Convertible Bonds for the gross proceeds of up to KRW 24,000,000,000 on March 13, 2025. The transaction will include participation from Sangsangin Plus Savings Bank Co.,Ltd. and Sangsangin Savings Bank. The bonds will be 100% convertible into 7,774,538 shares at a conversion price of KRW 3,087 in a conversion period starting from March 19, 2026 and ending on February 19, 2028. The bonds have a interest rate of 6% and will mature on March 19, 2028. The transaction is expected to close on March 19, 2025 and has been approved by the board of directors of the company. Announcement • Mar 12
Solux Co., Ltd., Annual General Meeting, Mar 26, 2025 Solux Co., Ltd., Annual General Meeting, Mar 26, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 32-22, jeongannonggongdanji-gil, jeongan-myeon, chungcheongnam-do, gongju South Korea New Risk • Feb 19
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩143.6b (US$99.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (15% average weekly change). Earnings have declined by 77% per year over the past 5 years. Shareholders have been substantially diluted in the past year (66% increase in shares outstanding). Minor Risk Market cap is less than US$100m (₩143.6b market cap, or US$99.6m). New Risk • Feb 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 77% per year over the past 5 years. Shareholders have been substantially diluted in the past year (66% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (12% average weekly change). New Risk • Jul 24
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 51% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (1.6% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 77% per year over the past 5 years. Shareholders have been substantially diluted in the past year (51% increase in shares outstanding). New Risk • Apr 12
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩81.6b (US$59.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.2x net interest cover). Share price has been highly volatile over the past 3 months (20% average weekly change). Earnings have declined by 87% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (₩81.6b market cap, or US$59.4m). Upcoming Dividend • Dec 20
Inaugural dividend of ₩50.00 per share Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 29 April 2024. This is the first dividend for Solux since going public. The average dividend yield among industry peers is 0.3%. New Risk • Nov 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 8.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Earnings have declined by 87% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.7% average weekly change). Shareholders have been diluted in the past year (18% increase in shares outstanding). New Risk • Aug 31
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 11% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 87% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (18% increase in shares outstanding). New Risk • Jul 16
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 18% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (23% average weekly change). Revenue has declined by 11% over the past year. Minor Risk Shareholders have been diluted in the past year (18% increase in shares outstanding). Announcement • Jun 16
Solux Co., Ltd announced that it has received KRW 20 billion in funding from Ari No. 1 Fund On May 23, 2023, Solux Co., Ltd closed the transaction. Announcement • May 17
Solux Co., Ltd announced that it expects to receive KRW 20 billion in funding from Ari No. 1 Fund Solux Co., Ltd announced a private placement that it will issue series 1 non-guaranteed private placement non-separable type bonds with warrants with bearer interest for gross proceeds of KRW 20,000,000,000 on May 15, 2023. The transaction included participation from Ari No. 1 Fund. The bonds have 100% strike rate with strike price of KRW 7,434 per share. The company will also issue stock warrants to purchase 2,690,341 common shares of the company. The exercise period is from June 15, 2024, to June 15, 2026. The transaction has been approved by the board of directors of the company and is expected to close by June 15, 2026. Upcoming Dividend • Dec 21
Inaugural dividend of ₩50.00 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 02 May 2023. This is the first dividend for Solux since going public. The average dividend yield among industry peers is 0.9%. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improved over the past week After last week's 18% share price gain to ₩8,650, the stock trades at a trailing P/E ratio of 29.7x. Average trailing P/E is 17x in the Electrical industry in South Korea. Total loss to shareholders of 46% over the past year. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩8,400, the stock trades at a trailing P/E ratio of 28.8x. Average trailing P/E is 17x in the Electrical industry in South Korea. Total loss to shareholders of 51% over the past year. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment improved over the past week After last week's 16% share price gain to ₩13,100, the stock trades at a trailing P/E ratio of 22.4x. Average trailing P/E is 19x in the Electrical industry in South Korea. Total loss to shareholders of 38% over the past year. Valuation Update With 7 Day Price Move • Jan 25
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₩10,450, the stock trades at a trailing P/E ratio of 17.8x. Average trailing P/E is 19x in the Electrical industry in South Korea. Total loss to shareholders of 57% over the past year. Upcoming Dividend • Dec 22
Inaugural dividend of ₩50.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 25 April 2022. The company is not currently making a profit and is not cash flow positive. This is the first dividend for Solux since going public. The average dividend yield among industry peers is 0.8%. Valuation Update With 7 Day Price Move • Nov 30
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩9,220, the stock trades at a trailing P/E ratio of 15.7x. Average trailing P/E is 19x in the Electrical industry in South Korea. Total loss to shareholders of 64% over the past year. Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩13,350, the stock trades at a trailing P/E ratio of 18.7x. Average trailing P/E is 23x in the Electrical industry in South Korea. Is New 90 Day High Low • Feb 24
New 90-day low: ₩17,650 The company is down 31% from its price of ₩25,700 on 26 November 2020. The South Korean market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 3.0% over the same period.