Korea Investment Management has abruptly delayed disclosing the results of its investment in the initial public offering (IPO) of U.S. space company SpaceX. The firm had initially planned to disclose the inclusion size and allocation results for the "ACE U.S. Space Tech Active ETF," which participated in the SpaceX IPO, but it was confirmed that the schedule was postponed citing reasons such as filing procedures with the U.S. Securities and Exchange Commission (SEC).
According to the financial investment industry on Wednesday, Korea Investment Management announced that day that it was postponing the schedule for guidance related to the "ACE U.S. Space Tech Active ETF's" participation in the SpaceX IPO. Korea Investment Management said, "We have unavoidably postponed the guidance in accordance with official filing procedures and requests to comply with confidentiality." It added, "Information regarding the final offering price, allocation results, and detailed inclusion for the SpaceX IPO will be provided within the scope verifiable after official filings, such as the final prospectus through the U.S. Securities and Exchange Commission's (SEC) electronic disclosure system (EDGAR)."
The industry had initially expected Korea Investment Management to disclose the SpaceX IPO allocation volume and the actual ETF inclusion size during that morning. On the 4th of this month, Korea Investment Management became the first domestic asset management firm to disclose its plan to participate in the SpaceX IPO. It had said that the allocated volume would be included in funds such as the "ACE U.S. Space Tech Active ETF" and the "Korea Investment Global Space Technology & Defense Fund."
However, since the final offering price and allocation results for the SpaceX IPO have not yet been disclosed, the information that can currently be provided to investors is reportedly limited. A Korea Investment Management official said, "We had initially planned to disclose the SpaceX IPO allocation volume and inclusion details during that morning, but we received notice that it could only be announced after the U.S. SEC filing." The official added, "We adjusted the disclosure schedule to comply with the relevant legal procedures, and we plan to announce the related content late that night, after the U.S. market opens."
Meanwhile, Mirae Asset Global Investments also withdrew that day its plan to include SpaceX in the passive product "TIGER U.S. Space Tech ETF" on the listing day, changing its policy to include it at the two-trading-day (T+2) point after listing, as in its existing method. The previous day, Mirae Asset Global Investments said it had applied for an allocation of SpaceX IPO shares through active ETFs and public offering funds.
