K-Pop Motors Pursues Acquisition of Ssangyong Motor... Nasdaq Listing Within the Year

Domestic electric vehicle company K-Pop Motors (Chairman Hwang Yo-seop) announced on the 6th that it will pursue the acquisition of SsangYong Motor.

K-Pop Motors Co., Ltd. explained that in order to acquire SsangYong Motor, it is closely monitoring the case proceedings at the Seoul Rehabilitation Court in accordance with South Korea's "Capital Markets and Financial Investment Services Act" and other related laws.

It emphasized that it will seek solutions through active meetings and negotiations with all SsangYong Motor stakeholders (major shareholder Mahindra, HAAH Automotive which is currently in a stalemate regarding acquisition intentions, 23,695 minority shareholders, 350 creditors including Korea Development Bank, and the SsangYong Motor labor union).

In particular, reflecting Chairman Hwang’s management philosophy of "People First," preparations are being made to negotiate with government authorities to ensure 100% employment succession for approximately 5,000 SsangYong Motor employees.

Chairman Hwang acknowledged the unfortunate situation where SsangYong Motor was sold twice to foreign companies and is now awaiting the court’s decision for corporate rehabilitation for the second time. As a Korean citizen, he stressed that the native SsangYong Motor must open the future car market with electric vehicles.

He also explained that all SsangYong Motor stakeholders must swiftly change their mindset and paradigm to the concept of electric vehicle manufacturing and sales in order to achieve definite results for SsangYong Motor’s revival and to apply this to global standards.

By converting all of SsangYong Motor’s excellent SUVs into electric vehicles equipped with graphene batteries and installing portable chargers (OBC) manufactured by K-Pop Motors, even in the deserts of the Middle East where there are no charging stations, the company can aggressively capture a large share of the global market.

K-Pop Motors analyzed that SsangYong Motor, through its transformation into electric vehicles utilizing all its current capabilities, has the excellent potential to enter the New York Stock Exchange via Nasdaq within the next three years.

Meanwhile, to acquire SsangYong Motor, K-Pop Motors completed the establishment registration of a special purpose company (SPC), K-Pop Motors Holdings Group Co., Ltd., at a South Korean court on February 22.

Currently preparing to enter the Nasdaq Pink market, K-Pop Motors is also reportedly considering entry into Nasdaq and the New York market based on this foundation.