[DigitalToday reporter Oh Sang-yup (오상엽)] Mirae Asset Securities has flatly denied a foreign media report that there was a communication error during the subscription process for SpaceX's initial public offering (IPO). The company said it carried out the relevant procedures normally and will take legal action over reporting that differs from the facts.

Bloomberg News reported on June 30 (local time), citing an anonymous source, that the lead underwriters for the SpaceX IPO sent emails in mid-May to more than 20 co-underwriters asking them to provide investor demand for the offering.

Mirae Asset Securities said the report was a "malicious article" that cited an unverified source rather than an official view from the lead underwriting group. It said claims of the firm's alleged misunderstanding or communication errors mentioned in the article were "completely untrue".

According to the company, Mirae Asset Securities has carried out work related to the SpaceX IPO in communication with the lead underwriters since it was included in the final underwriting group on May 21. It also said the S-1 filing specified that subscriptions in South Korea would be conducted through a private placement.

Mirae Asset Securities said it carried out the subscription process in South Korea from June 5 to 10 on the premise of a private placement, in line with procedures provided by the lead underwriting group in early June.

It added that it submitted $1.14 billion raised from investors through the system provided by the lead underwriters and also received official confirmation from the lead underwriter that provided the guidance.

Mirae Asset Securities stressed that the report's suggestion that it "believed customer orders had already been received in May and did not separately place actual orders in June" was clearly untrue. The company said May was a time when even demand aggregation under the procedure had not yet begun.

Mirae Asset Securities said it is fully aware that final authority over allocation of the offering rests with the lead underwriters. It said it cannot overlook reporting that disparages the company based on unidentified claims that orders were not received due to its communication errors.

Mirae Asset Securities said it would hold Bloomberg legally responsible for publishing a one-sided article without verification that, it said, was based on unverified and malicious content and caused serious damage to the firm's reputation and shareholder value.

Separately, the Financial Supervisory Service is conducting an inspection of Mirae Asset Securities in connection with the incident.