[딜 인사이드] 성호전자, 메자닌 활용한 2000억 잭팟…오버행은 부담

Sophielectronics leverages inflated mezzanine securities (convertible bonds and warrants) to fund aggressive M&A, creating a 45% potential stock dilution overhang that poses critical structural risks. This sophisticated capital market strategy masks fundamental business weakness—the core business declined 28% in revenue and 81% in operating profit—raising serious concerns about the sustainability of growth-by-acquisition when underlying asset quality doesn't justify the premiums paid.