Hurim Robot Withdraws Acquisition of Secondary Battery Equipment Company EQCell... "Prioritizing Shareholder Interest Protection"

Hurim Robot announced on the 29th that it will withdraw its acquisition of the secondary battery equipment company EQCell, which was pursued to secure new growth engines.

Hurim Robot explained that the acquisition was withdrawn due to concerns that EQCell's delisting decision could damage corporate and shareholder value. The company plans to utilize approximately 100 billion KRW in funds, including the 60 billion KRW already secured through a paid-in capital increase and 29 billion KRW to be returned from the withdrawal of the acquisition, to discover new investment opportunities.

The company stated, "There will be no financial loss to the company resulting from the withdrawal of the EQCell acquisition," adding, "The deposit of 6 billion KRW was immediately refunded, and the 23 billion KRW used for acquiring stocks and securities of other corporations will also be returned."

It continued, "Protecting shareholder interests is our top priority, and we are considering various measures to enhance shareholder value," adding, "We will secure new growth engines related to artificial intelligence (AI) and artificial intelligence of things (AIoT)-based businesses by utilizing approximately 100 billion KRW in large-scale funds."

Hurim Robot is also focusing on technology development to strengthen its existing equipment business competitiveness. It is conducting internal tests to introduce its own Cartesian robot into the selector, a key process equipment in the secondary battery logistics line.

Earlier, Hurim Robot succeeded in a general public offering paid-in capital increase worth 59.7 billion KRW on the 24th and 25th. Due to positive evaluations of undervaluation of corporate value and growth potential, investor interest surged, resulting in a high subscription rate of 196.23%.