U-Tech Decides on Total Funding of 11 Billion KRW: "6 Billion KRW in CB, 5 Billion KRW in Capital Increase"

[Asia Economy Reporter Yoo Hyun-seok] U-Tech announced on the 22nd that it has decided to issue convertible bonds (CB) worth 6 billion KRW. The issuance targets are JS Value Partners with 3 billion KRW and Gliniz with 3 billion KRW. The purpose is for equipment purchase, operating funds, and raw material procurement.

Along with this, to raise operating funds, a third-party allotment paid-in capital increase worth 5 billion KRW was decided targeting CEO Lee Jeong-tae and Mr. Lee Seong-gil. If the funding is completed, the largest shareholder is expected to change from Mr. Shim Chun-taek and one other person to CEO Lee Jeong-tae.