[Public Notice+] iL Science "CEO Song Seong-geun Purchases 930,000 Shares Off-Market from Second Largest Shareholder... Expands Stake by 30%"

[Asia Economy Reporter Hyunseok Yoo] IL Science announced on the 20th that its largest shareholder, CEO Song Seong-geun, purchased 930,000 shares of IBK Capital's stock.

The shares purchased by CEO Song are the remaining portion of convertible bonds worth 2 billion KRW issued by the company in 2016, which had been held by IBK Capital since the exercise of the conversion rights.

The company stated, "CEO Song acquired shares from the second largest shareholder to reflect his commitment to responsible management and strengthening of management rights," adding, "This demonstrates a strong will for full-scale business stabilization and growth potential."

The total volume purchased by CEO Song this time is 930,000 shares, amounting to approximately 1.9 billion KRW. Through this purchase, CEO Song's stake increased from 24.92% to 29.68%.

The company expects two effects from CEO Song's share acquisition: strengthening management rights and resolving the overhang (potential selling pressure) issue. The resolution of profit-taking shares related to the KOSDAQ listing, previously considered a risk factor, is anticipated to have a positive impact on the stock price going forward.

Founded in 2008, IL Science is a specialized manufacturer of silicone lenses for LED lighting. In 2015, it became the first in the world to develop a dispensing method that does not require molds, and it holds a portfolio in areas such as electric vehicles and the Internet of Things (IoT).