[Special Stock] Isu Petasys Soars Over 20% Following Withdrawal of J.O Acquisition

Isu Petasys is soaring over 20% in early trading on the 24th after confirming the withdrawal of the acquisition of J.O.

As of 9:20 AM on the day, Isu Petasys' stock price is trading at 40,500 won, up 26.76% from the previous day.

The day before, Isu Petasys announced the cancellation of the stock purchase agreement and new share subscription agreement with J.O, which was signed on November 8. The amount of the paid-in capital increase was also reduced from the originally planned 550 billion won to 250 billion won.

Last year, Isu Petasys announced a paid-in capital increase of 550 billion won to acquire shares of J.O. This led to a sharp drop in the stock price as the market found it difficult to understand why Isu Petasys, a semiconductor substrate manufacturer, was acquiring shares in a secondary battery materials company.

Isu Petasys showed determination to proceed, but after being requested twice by the Financial Supervisory Service to revise the securities registration statement for the paid-in capital increase, the investment plan was abandoned.

Investment opinions and target prices from securities firms have also been raised. Meritz Securities upgraded its investment opinion from 'neutral' to 'buy' and raised the target price from 32,000 won to 39,000 won. Korea Investment & Securities also doubled its target price from 35,000 won to 70,000 won on the day of the withdrawal of the J.O acquisition.