EV Advanced Materials Withdraws Rights Offering to Protect Shareholder Value... "Second Vietnam Plant to Proceed as Planned"

EV Advanced Materials, a company specializing in FPCB, announced on November 13 that its board of directors has decided to withdraw the ongoing rights offering plan.

The planned rights offering was intended to raise a total of 28.4 billion won through a shareholder allocation followed by a public offering of forfeited shares, with SK Securities set to underwrite the entire amount. The funds were to be used for two purposes: 17.5 billion won for expanding the second Vietnam plant to respond to large-area FPCB orders and mass production, and 10.9 billion won for business unit operating funds.

A company representative stated, "We recognized that shareholders' concerns have been growing due to the ongoing corrections requested by the Financial Supervisory Service and delays in the rights offering process," and added, "Accordingly, we are withdrawing the rights offering plan, prioritizing the protection of shareholder value and the restoration of market trust."

However, the company emphasized, "The construction of the second Vietnam plant, which is a key strategy for strengthening global competitiveness, will proceed as scheduled without any setbacks, using internal funds and loans from financial institutions." The company further stated, "In response to the expected increase in demand for electric vehicles and autonomous vehicles, we will continue to expand our large-area FPCB production capacity and pursue overseas market penetration to strengthen our foundation for mid- to long-term growth."

This content was produced with the assistance of AI translation services.