IL Science announced on the 10th that it has fully repaid the remaining 5 billion KRW of the 4th series convertible bonds (CB).
The repaid CB this time is the remaining 5 billion KRW of the 10 billion KRW 4th series CB issued in 2021. The maturity repayment has resolved concerns about dilution and overhang corresponding to approximately 1.67 million shares, which accounts for 6.2% of the total issued shares.
IL Science had previously canceled CBs worth a total of 2.7 billion KRW in April and August to improve its financial structure. Going forward, the company plans to address overhang issues raised by some through acquiring, canceling, and repaying previously issued convertible bonds, while securing financial soundness and enhancing shareholder value.
A company official stated, “Despite record-high performance in the first half of the year, we believe the company’s value is undervalued due to the overhang (potential sell-off volume) issue of convertible bonds.” He added, “We will continue to pursue various measures to enhance shareholder value along with improving performance through new business achievements and establishing a stable financial structure.”
Meanwhile, the company decided on the 30th of last month to sell its office building in Munjeong-dong, Songpa-gu, Seoul, for 12.2 billion KRW. The proceeds from the sale will be invested in debt repayment and new growth engines such as silicon lenses and small all-solid-state battery businesses.
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