ITM Semiconductor announced on the 19th that it has decided to issue perpetual exchangeable bonds (EB) worth a total of 21.5 billion KRW. Samsung Securities is the lead manager, and more than 10 institutions including securities firms, asset management companies, capital firms, and savings banks are participating in the investment in ITM Semiconductor.
The exchange target of ITM Semiconductor's perpetual exchangeable bonds is the treasury shares it holds. As of now, the company holds a total of 1,755,542 treasury shares. The maturity of the bonds is 30 years, but a call option (early redemption right) is granted from the point three years after the issuance date. The premium rate is 107%, and the payment date is the 20th of this month.
The perpetual exchangeable bonds issued by ITM Semiconductor this time are recognized as equity in accounting, which also has the effect of improving the company's financial structure. A company official stated, "The purpose of issuing these perpetual exchangeable bonds is not only to improve the financial structure but also to secure operating funds and new product research and development funds due to the increase in order volume in the second half of this year," adding, "We understand that investment institutions participated because they highly evaluated ITM Semiconductor's growth potential despite the frozen investment environment."
ITM Semiconductor's main business is small secondary battery protection circuits used in mobile and wearable devices. Since last year, it has demonstrated a significant sales growth trend through its electronic cigarette business. Additionally, to accelerate its entry into the medium-to-large energy storage system (ESS) sector, it is securing technology through government projects, and recently, it has mass-produced and supplied core component modules used in the driving devices of autonomous driving robots.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
