Hurim Robot Completes Acquisition of 30 Billion Won in E-Qcell Shares with Own Funds Before Public Offering

Hurim Robot has completed the payment of approximately 30 billion KRW in internal funds to acquire secondary battery equipment company EQCell, surpassing the final stage of the acquisition.

Hurim Robot announced on the 23rd through a disclosure that it has completed the payment of about 23 billion KRW through a third-party allotment paid-in capital increase for the acquisition of EQCell. Previously, Hurim Robot had paid a contract deposit of 5.97608 billion KRW on the 5th of last month for the acquisition of EQCell.

Thus, Hurim Robot has completed a total payment of 30 billion KRW in internal funds ahead of the general public paid-in capital increase. On the 22nd, Hurim Robot finalized the price for the general public paid-in capital increase subscription, scheduled from the 24th to the 25th of this month, at 1,705 KRW per share. The total amount to be raised is 59.675 billion KRW, with 35 million shares to be offered. The underwriter is SK Securities, the payment date is the 29th of this month, and the listing date for the new shares is the 8th of next month.

Additionally, on the 23rd, Hurim Robot decided to acquire an additional third-party allotment paid-in capital increase of 15 billion KRW conducted by EQCell for the acquisition. Accordingly, Hurim Robot will participate in EQCell’s 15 billion KRW paid-in capital increase and additionally acquire 11,923,688 newly issued shares at 1,258 KRW per share. EQCell plans to use the additional 15 billion KRW capital injection to improve its financial structure.

As a result, the total number of shares Hurim Robot will acquire by participating in EQCell’s paid-in capital increases will reach 30,206,677 shares, holding 46.70% of EQCell’s total shares. This will secure Hurim Robot’s position as the largest shareholder, separate from the shares acquired from the existing largest shareholders, Ihwa Electric Industry and EID. The company explained that upon completion of the additional 15 billion KRW capital increase, it will surpass the stakes of Ihwa Electric Industry and EID.

Kim Bong-gwan, CEO of Hurim Robot, stated, “We have completed the full payment of 30 billion KRW in internal funds ahead of the general public paid-in capital increase. Based on securing stable management rights of EQCell, we will focus on developing secondary battery equipment and AI autonomous manufacturing businesses to achieve remarkable results.”