Haitron Systems announced on the 17th that its ongoing U.S. bio business is progressing smoothly.
At the extraordinary general meeting held last month, Haitron changed its company name to 'Exicure Haitron' and added new drug research and development using biotechnology techniques to its business objectives.
Haitron stated that since it completed a paid-in capital increase and convertible bond investment attraction on October 10 and 26, it has sufficient funds for its bio business.
As of the end of the third quarter last year, Haitron held 13.1 billion KRW in cash equivalents. Subsequently, it issued convertible bonds worth 10 billion KRW in October and completed a paid-in capital increase of 9.5 billion KRW in December. These funds were used to acquire Exicure, a U.S. Nasdaq-listed company. Haitron invested 10 million USD (approximately 13.7 billion KRW) in Exicure, securing a 60.54% stake.
A company official explained, "As of the end of last year, on a consolidated basis, we hold over 32.5 billion KRW in cash," adding, "Exicure attracted 4 million USD from additional investors, so the company currently effectively holds more than 38 billion KRW in cash."
They also stated that the convertible bonds worth 18 billion KRW issued in August 2023 were recently converted into common stock, strengthening the company's capital. As a result, the debt ratio significantly improved from the previous 1796% to 79.57%.
The company official said, "The conversion of convertible bonds greatly enhanced capital stability," and added, "The U.S. bio business is also progressing as planned, and there should be no concerns raised by the market."
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