Hurim Robot, 59.6 Billion Won Paid-in Capital Increase... Public Offering Price Set at 1,705 Won

Hurim Robot, an industrial robot manufacturer led by CEO Kim Bong-gwan, announced on the 23rd that the general public offering price for the paid-in capital increase, scheduled for subscription from the 24th to the 25th, has been set at 1,705 KRW.

The total amount to be raised is 59.675 billion KRW, with 35 million shares offered. The closing price on the previous day was 2,335 KRW. The listing underwriter is SK Securities, the payment date for the subscription is July 29, and the new shares listing date is August 8.

The company plans to allocate 50 billion KRW of the funds raised through this paid-in capital increase for the purpose of acquiring shares in E-CELL, with the remainder to be used as operating funds.

Prior to this capital increase, the company secured a total of 23 billion KRW for the acquisition of E-CELL through a third-party allotment paid-in capital increase of 8 billion KRW and the issuance of convertible bonds worth 15 billion KRW. The respective issue prices were 2,092 KRW and 2,336 KRW.

Hurim Robot decided on a general public offering paid-in capital increase on June 11 for the purpose of acquiring E-CELL, a secondary battery equipment company, and for operating funds. The company plans to expand the secondary battery equipment industry through synergies with E-CELL. In particular, Hurim Robot intends to actively utilize its various industrial robot supply references, including semiconductor wafer and display panel transfer robots and automation robots for secondary batteries, to expand its new equipment business.

Following the contract signed in June to acquire 29,880,448 shares of E-CELL, representing 86.65% of the total issued shares, Hurim Robot plans to additionally acquire 18,282,989 shares by participating in E-CELL’s 23 billion KRW paid-in capital increase.

CEO Kim Bong-gwan of Hurim Robot stated, “With the acquisition of E-CELL, Hurim Robot plans to maximize synergies in the secondary battery equipment industry, diversify its business, and contribute to sales growth. We expect to generate profits through increased sales from outsourcing E-CELL equipment manufacturing and increased robot deliveries, which are raw materials for E-CELL’s products (process equipment).”