Vivian seeks 5 billion won through Base100 share allotment

Vivian plans to raise 5 billion won in operating funds through a third-party allocation of new common shares to Base100, according to a corrected regulatory filing submitted on July 30.

Vivian will issue 805,152 new common shares in the placement, all allocated to Base100 as the designated recipient through the third-party capital increase. Before this capital increase, Vivian had 2,404,344 shares outstanding, while the common stock to be issued carries a nominal value of 500 won apiece.

Vivian is listed on the securities market, as recorded in the company information provided among the regulatory filing materials for the transaction.

The new shares are priced at 6,210 won apiece, a 10 percent discount from the 6,898 won reference price used to determine the transaction's terms.

Payment under the allocation is scheduled before the planned Sep. 22 listing for this capital increase, according to the timetable included in the regulatory filing. Dividend entitlement for the new shares will start on Jan. 1, the date specified for that purpose in the transaction terms.

Vivian said the entire proceeds will be used as operating funds in 2026, according to its planned allocation for that year. Payments for goods and related expenses are listed as the specific intended uses of the funds raised through the allotment.

Vivian said it selected Base100 to quickly obtain funds necessary for management while also considering future transactions in choosing the recipient for the placement.

The board approved the capital increase on June 19, formally setting the decision underlying the share-allotment plan described in the July filing.

Base100 was established in 2026 and reported 1 million won each in total assets, total equity and paid-in capital, the filing showed.

The filing names An Seung-taek as Base100's largest shareholder, with a 60 percent holding in the company designated to receive the shares.

Vivian describes its core business as producing and selling women's foundation garments, lingerie and stockings under the Vivian, Barbara and Rosebird brands.

Directly operated shops and department stores are among the offline channels Vivian uses for domestic sales, alongside discount outlets and specialty stores. The distribution network also includes online channels and home-shopping outlets, which the business disclosure lists for domestic sales of the company's products.

The women's underwear market depends heavily on domestic demand and faces intensified competition because the market has become saturated, Vivian's business disclosure says. The same disclosure cites higher production costs and a prolonged domestic downturn as conditions that affect the industry in which Vivian operates.

On July 15, Vivian disclosed a bonus issue decision, a resolution to convene a shareholders' meeting and a meeting notice. That day, it also filed a disclosure on a trading suspension and subsequent resumption, designated in the record as important content.

Vivian reported the outcome of an extraordinary shareholders' meeting on July 30, through a separate corporate disclosure issued by the company.