EdgeFoundry, Hanwha Intelligence Merger Nears Completion

Edgefoundry, a sensor specialist company, announced on the 27th that the exercise of the stock purchase rights related to the merger with Hanwha Intelligence amounted to only 23,756 shares, indicating that the merger has entered its final stage.

Earlier, Edgefoundry decided on the merger through an extraordinary general meeting of shareholders on the 6th and accepted the exercise of stock purchase rights from dissenting shareholders until the 26th. Among the exercised stock purchase rights, 7,713 shares were price-adjusted shares, so the actual number of exercised shares was 16,043. The purchase price per share was 3,396 KRW, totaling approximately 80 million KRW. The payment for the purchase will be made on the 21st of next month.

Considering that the contract allows for modification or cancellation if the amount of stock purchase rights exercised exceeds 8 billion KRW at the time of the merger, this merger is regarded as having passed the final hurdle.

A company official explained, "The merger process was smoothly completed including the exercise of stock purchase rights by shareholders," and added, "We plan to actively pursue management strategies for a new leap forward."

Edgefoundry successfully completed fundraising worth a total of 28 billion KRW during the process of finalizing the merger. The company plans to continue active communication with shareholders while discussing various strategies to maximize shareholder value even after the merger.

CEO Nam Yong-hyun stated, "With the completion of the merger as a milestone, we will further strengthen our position in the global market and maximize shareholder value through continuous growth and technological innovation."