SMAC Improves Finances by Canceling 4.4 Billion CB

[Asia Economy Reporter Lim Jeong-su] Smack, a KOSDAQ company that manufactures machine tools and industrial robots, announced on the 30th that it has canceled convertible bonds (CB) worth 4.4 billion KRW before maturity.

Smack has recently been reducing the number of outstanding shares by repurchasing its own shares and canceling CBs. On the 20th, it canceled CBs worth 700 million KRW, totaling 5.1 billion KRW in CB cancellations over two occasions. This move aims to improve the financial structure while resolving the large overhang issue to defend against stock price decline.

A Smack official stated, "Through the two CB cancellations, we have enhanced financial soundness and increased shareholder value," adding, "We are also strengthening various business capabilities to improve performance, which will lead to results."

Smack recently announced that it will reinforce its GPS tracking system based on GPS mobile forensics and conduct pilot services targeting local governments and public institutions nationwide.

The company explained that by utilizing the GPS tracking system, it is possible to check in real time, within up to 3 minutes, the duration of stay or number of visits based on the past 7 days.

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