H&B Design Completes Third-Party Allocation Rights Offering Worth 7 Billion KRW Targeting CEO and Others

[Asia Economy Reporter Hyunseok Yoo] H&B Design announced on the 30th that the payment for the 7 billion KRW third-party allotment capital increase targeting co-CEO Jeongok Lee and strategic partners has been fully completed, alleviating concerns about being designated as a management item. The issue price is 8,389 KRW, and all shares are subject to a one-year lock-up period.

CEO Jeongok Lee, who subscribed 4 billion KRW to this third-party allotment capital increase, said, "The shares are issued at a price about 20% higher than the general public offering and are locked up for one year. Nevertheless, the management and strategic partners participated to strengthen responsible management."

H&B Design achieved a subscription rate of 94.03% for the total 37.3 billion KRW capital increase conducted until the 28th, with a total payment of 35.1 billion KRW. The payment for the 7 billion KRW third-party allotment capital increase targeting CEO Jeongok Lee and strategic partners, scheduled for today, has also been completed.

A company official stated, "Not only the company's strategic partners and financial investors but also many shareholders actively participated in the subscription due to the company's sincerity, resulting in good outcomes in the shareholder priority public offering capital increase. Accordingly, the management also participated additionally in the capital increase in the form of a third-party allotment to demonstrate their commitment to responsible management. With the two capital increases, a total of 42 billion KRW in capital has been raised, resolving the reasons for designation as a management item."

CEO Hyunwoong Lee, who oversees management, said, "Many shareholders have shown trust in the company's sincerity through subscription. The company is currently reviewing all possible measures to enhance shareholder value after the capital increase."