On October 27, Atom announced that it will repurchase and cancel the entire amount of its convertible bonds (CB) worth 2 billion KRW ahead of schedule.
This cancellation of convertible bonds has eliminated concerns about an overhang, which could have resulted in potential selling pressure in the market.
In particular, Atom plans to resolve the overhang issue and gain recognition for its full-fledged growth momentum next year. To this end, the company is preparing to invest in a U.S.-based electric vehicle platform manufacturer.
A company representative stated, "This cancellation of convertible bonds is a preemptive measure to reduce the overhang, alleviate market uncertainty, and promote a stable share price trend," adding, "We will focus on enhancing shareholder value along with improving our financial structure."
Additionally, Atom is strengthening its collaboration with major finished vehicle OEMs (original equipment manufacturers) to expand its presence in the electric and eco-friendly vehicle parts market. Through its subsidiary DST, the company is also expanding its industrial transformer and engine parts business.
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