Medicox Completes Payment for Third-Party Allotment by Major Shareholder Sonid... "Smooth Progress in New Business 추진"

MedicoX, the largest shareholder of the KOSDAQ-listed company Sonid, announced on the 27th that the payment for the third-party allotment capital increase worth 8 billion KRW has been completed. With this capital increase payment, Sonid's stake expanded from 11.63% to 30.05%.

MedicoX explained that through this capital increase payment, it secured momentum for the successful advancement of new businesses via a joint venture with EOCELL, and expects management stability due to the expanded largest shareholder stake as well as improved financial structure. Additionally, the company plans to proceed with further investment attraction targeting overseas firms.

Previously, MedicoX established a joint venture with the U.S. battery cell company EOCELL and officially entered the business of manufacturing customized battery cells, design, and plant construction. According to the company, EOCELL’s engineers have provided core battery design technologies for hybrid (PHEV) and battery electric vehicles (BEV) to renowned automakers such as BMW, Volkswagen, Audi, Porsche, and Daimler.

Hyun Kyung-seok, CEO of MedicoX, stated, “As the global market share of the three major K-battery companies has recently declined and automakers’ needs for battery internalization have increased, EOCELL’s core technology for customized battery design is receiving more attention. Based on the funds secured through the capital increase, we will successfully lead the new battery cell business.”

Meanwhile, following this capital increase, cooperation with EOCELL related to the customized battery cell business will be sequentially promoted, including engineering service execution, business briefings, joint venture establishment, R&D center, and customized battery cell plant construction.