Moa Data, a KOSDAQ-listed company facing delisting over insufficient market capitalization and share price, is pursuing a 5 billion won capital raise through a 2 billion won small public offering and a 3 billion won third-party rights issue, alongside 10 billion won in convertible bonds (CBs). The financing is tied to a proposed change in management at an Oct. 6 temporary shareholders’ meeting, effectively offering management control through new share issuance. The company reported first-half sales of 10.9 billion won, an operating loss of 3.7 billion won and cash assets of 3.2 billion won, and recently delayed loan repayments after an event of default. Controversy has intensified over management controller Im Sang-ho, who is scheduled to become an internal director and was previously linked to embezzlement and breach-of-trust claims involving about 9.3 billion won at a listed company. Moa Data also faces questions over whether it began proxy voting solicitation before the legally permitted date, while the company says it has not confirmed an early start.