Hurim Robot's Rights Offering Attracts 117.1 Billion Won... Successful Subscription

Hurim Robot announced on the 26th that it recorded a subscription rate of 196.5% as 117.1 billion KRW flooded into the 59.7 billion KRW general public offering for paid-in capital increase.

Hurim Robot selected SK Securities as the lead manager and conducted a general public offering subscription for a paid-in capital increase worth 59.675 billion KRW over two days from the 24th to the 25th. The general public offering price for the paid-in capital increase is 1,705 KRW, and the payment date is scheduled for the 29th. The new shares will be listed on the 8th of next month.

It is analyzed that interest has grown as Hurim Robot, which operates in the globally highly regarded artificial intelligence (AI) industry, robotics industry, and autonomous manufacturing equipment-related business, prepares for future industries. Hurim Robot explained that it was able to successfully complete the process by being evaluated for the future value it aims for.

With the application of technologies such as AI and deep learning, robot development is accelerating. Recently, as the robotics industry, including humanoid robots, has grown, it has attracted market attention. Hurim Robot has also signed memorandums of understanding (MOUs) with DifferAI and Airobot and is accelerating the development of AI autonomous manufacturing solutions applied with AI humanoid robots.

Hurim Robot plans to use 50 billion KRW of the raised funds for acquiring shares in other companies. The remaining funds will be used as operating capital to strengthen internal stability. Hurim Robot is currently in the process of acquiring EQCell, a secondary battery equipment company. EQCell operates in the secondary battery logistics automation system and equipment manufacturing business.

Kim Bong-gwan, CEO of Hurim Robot, said, "The 50 billion KRW raised through the paid-in capital increase will be used to acquire shares of EQCell," adding, "We will maximize the synergy between Hurim Robot and EQCell to secure future growth engines." He continued, "We will continue to enhance value by maintaining the trust and confidence of investors and shareholders who participated in the paid-in capital increase subscription, and strengthen corporate competitiveness in the robotics industry through continuous technology development and business diversification."