[Featured Stock] U&I, Plunged Due to Edison EV Trading Suspension, Rebounds for Second Day

[Asia Economy Reporter Ji Yeon-jin] U&AI, which had been plummeting for days after Edison Motors' acquisition of Ssangyong Motor fell through, is soaring more than 10%. This comes as news emerged that Kang Young-kwon, chairman of Edison Motors, decided to personally invest in Edison EV, whose trading was suspended due to a disclaimer of opinion in the 2021 fiscal year audit report.

As of 9:27 a.m. today, U&AI is trading at 13,600 won, up 14.77% (1,750 won) from the previous day. This stock had sharply risen, recording the upper price limit for five consecutive trading days since the news that Edison EV would acquire it was announced on February 2. Afterwards, it closed at the lower price limit on the 28th of last month, right after the cancellation of Edison Motors' Ssangyong Motor acquisition contract was announced, and again on the 30th of the same month when Edison EV disclosed the disclaimer of opinion.

However, it began to rebound from the day before yesterday. At the U&AI shareholders' meeting held the day before, the company significantly expanded its business objectives related to electric vehicles, and appointed Han Cheon-su, former vice president of finance at Kia Motors, as CEO, which appears to have shifted the electric vehicle theme.

Also, the announcement that Kang Young-kwon, chairman of Edison Motors, will participate in a third-party allotment capital increase worth 5.6 billion won seems to have boosted the stock price.

The company emphasized that although Energy Solutions was scheduled to make a payment on the 28th for Edison EV's capital increase, Kang Young-kwon, the CEO, decided to personally invest to expedite Edison EV's swift normalization.