SkyMoonTechnology Changes CB Payment Date..."Physical Delay Due to Confirmation of Fund Usage Purpose"

SkyMoon Technology (hereinafter SkyMoon) announced on the 28th that the payment date for the 3rd tranche of convertible bonds (CB), originally scheduled for the 1st of next month, has been changed to the 18th of the same month. The delay was due to additional time required to specifically finalize the purpose of fund usage.

The purpose of using the CB funds has been changed from existing operating funds to 50 billion KRW for acquiring securities of other companies. With Zhongwei New Materials (CNGR), the world's No. 1 precursor producer, becoming the largest shareholder, SkyMoon is considering mergers and acquisitions, joint venture (JV) investments, and other activities for the production or sale of secondary battery materials. Based on abundant secured funds and the largest shareholder's active business support intentions, the company plans to aggressively accelerate the expansion of new businesses.

A SkyMoon official stated, "The delay in the CB payment date is not due to funding issues but a simple time delay caused by finalizing the purpose of fund usage. It was inevitably postponed to clarify the details related to the investment target company and the investment itself," adding, "Since this is an important decision made for the first time after the acquisition, we expect to obtain sufficient reasons for the delay."

He continued, "In line with the full-scale entry into new businesses, we plan to hold an extraordinary general meeting of shareholders on August 13 to complete preparations for entering new businesses related to core secondary battery materials."

In April, SkyMoon decided to issue convertible bonds worth 70 billion KRW targeting Zhongwei New Materials (CNGR), the world's No. 1 precursor producer, and Zoomway Hong Kong New Energy Technology (hereinafter Zoomway), a 100% subsidiary of CNGR. Additionally, with the completion of the paid-in capital increase on the 26th, CNGR has become the largest shareholder of SkyMoon.