HiSonic Secures 29.5 Billion Won Funding... "Establishing Foundation for Financial Structure Improvement in Secondary Battery Business"

HiSonic announced on the 16th that the payment for the rights offering followed by a general public offering of forfeited shares, worth approximately 29.5 billion KRW, has been completed. Accordingly, 9.4 million new shares will be issued, and the listing date for the new shares is scheduled for the 26th.

HiSonic conducted subscription for existing shareholders from the 5th to the 6th and for the general public from the 10th to the 11th, resulting in the subscription of 5.42 million shares. The subscription rate was 59.87%. This is interpreted as a contraction in investor sentiment due to the recent political uncertainty causing a sharp decline in the domestic stock market.

The forfeited shares remaining after the shareholder and general subscriptions were acquired by Sangsangin Securities and SK Securities at mandatory acquisition ratios of 24.1% and 16%, respectively. With this, the initially planned funds were successfully raised, and all procedures for the rights offering have been completed.

HiSonic plans to use the funds raised this time for facility investments such as purchasing a North American factory for secondary battery CAN-Cap Assembly and establishing manufacturing lines, as well as for operating funds including debt repayment.