Semisysco, 300% Bonus Issue... "Active Efforts for Shareholder-Friendly Policies"

[Asia Economy Reporter Hyunseok Yoo] Semisysco announced on the 20th that it decided on a bonus issue allocating 3 new shares for every 1 common share on the 19th.

Before the capital increase, the total number of issued shares was 6,860,914, and 20,582,742 new shares will be issued. The record date for the new shares is August 31.

A Semisysco official stated, "We decided on the bonus issue to demonstrate our commitment to expanding the electric vehicle business and enhancing shareholder value," adding, "We plan to continuously pursue shareholder-friendly policies going forward."

On the 2nd, the largest shareholder changed to Energy Solutions (16.67%). At the extraordinary general meeting of shareholders to be held on the 21st, Youngkwon Kang, CEO of Energy Solutions, Jungik Lee, General CEO of Edison Motors, and Chunsu Han, Advisor at Kia Motors, are scheduled to be appointed as inside directors.

The business objectives will also be expanded to include the development of autonomous driving solutions and service platforms, development and manufacturing of electric ships, electric yachts, and autonomous unmanned vessels, as well as development and manufacturing of secondary batteries.

Additionally, funding is proceeding as planned, including the completion of payment for the first 20 billion KRW unnamed, interest-bearing, unsecured private convertible bonds on the 15th.

The official added, "After the appointment of the new management team, we will rapidly expand the electric vehicle business through synergy with Edison Motors," and "We will also strive to raise market trust by promoting Edison Motors' outstanding technological capabilities."