SK Innovation’s planned absorption merger with SK IE Technology (SKIET) remains under regulatory review after South Korea’s Financial Supervisory Service (FSS) ordered corrections to the companies’ filings, citing omitted or unclear material information and insufficient communication with ordinary shareholders. SK Innovation must submit a corrected securities registration statement by December 4 or the filing will be deemed withdrawn under Article 122, Paragraph 6 of the Capital Markets Act. The merger would issue 4,481,300 new SK Innovation shares, equal to 2.6% of its outstanding shares, and exchange 0.117454 SK Innovation shares for each SKIET share at an effective price of ₩14,783. That is 85.9% below SKIET’s ₩105,000 May 2021 IPO price and about half its ₩28,600 third-party allotment price. The transaction would consolidate SKIET’s separator business with SK Innovation as the parent continues supporting battery subsidiary SK On, whose ₩821.8 billion second-quarter operating profit was its strongest since inception but was partly helped by one-off customer compensation payments. Analysts still expect SK On to post an operating loss of about ₩500 billion next year, while the company expands into energy-storage systems through a 9 GWh, approximately ₩1.5 trillion LFP cell agreement with U.S. maker Neovolta.