Align Partners Sues SoluM Over Invalidation of 120 Billion Won RCPS Issuance
Align Partners Asset Management has filed a lawsuit against SoluM Co. to invalidate the issuance of 7 million redeemable convertible preferred shares (RCPS) worth 120 billion won, citing concerns from minority shareholders that the issuance was a tactic for management control. This legal action follows Align Partners' increase in its stake in SoluM from 4.99% to 8.04% after purchasing additional shares last year. The RCPS were issued on July 5, 2022, to fund SoluM's operations and acquisitions.
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Align Partners Asset Management filed a lawsuit against SoluM Co. to invalidate the issuance of 7 million redeemable convertible preferred shares (RCPS) valued at 120 billion won. The RCPS includes 6 million Type 2 RCPS1 and 1 million Type 2 RCPS2 shares issued on July 5, 2022.
SoluM issued these shares to raise funds for operations and acquisitions. The lawsuit follows minority shareholders' concerns that the issuance was a defense tactic for management control. Align Partners increased its stake in SoluM from 4.99% to 8.04% after purchasing additional shares from August 27 to September 3, 2022. Align Partners, founded in 2021, focuses on enhancing corporate value through governance improvements.
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