Seojin System Exercises Conversion Rights for 17,696,250 Shares

Seojin System, a domestic supplier of advanced industrial equipment and components, announced on the 30th that a total of 17,696,250 shares will be newly listed through the exercise of conversion rights for the 4th, 5th, 7th, 8th, 10th, and 11th series of bearer, non-guaranteed private convertible bonds. This accounts for 47.1% of the total issued shares. The conversion price per share is KRW 14,500 for the 4th and 5th series, and KRW 23,500 for the 7th, 8th, 10th, and 11th series. The scheduled listing dates are May 17 for the 4th, 5th, 7th, and 8th series, and May 21 for the remaining series.

Seojin System stated, "Among the total shares for which conversion rights were exercised, a put option contract at KRW 32,000 per share was signed between Seojin System CEO Jeon Dong-gyu and investors, corresponding to about 17% of the shares." They added, "Crescendo, a domestic private equity fund (PEF) management company that has invested in Seojin System since 2015, decided to enter into the put option contract based on confidence in Seojin System’s business competitiveness, external growth potential, and profitability improvement."

They continued, "With this common stock conversion, Crescendo is expected to become the second largest shareholder with approximately a 20% stake." Seojin System also stated, "This year, through external growth and profitability improvement in ESS, electric vehicle parts, semiconductor equipment, and data center businesses, we plan to further enhance our corporate value as a global metal platform specialized supplier."