[Public Notice+] ILSCIENCE's CEO Song Seong-geun Purchases Additional 200,000 Shares Following 930,000 Convertible Bonds Acquisition in February... Commitment to Responsible Management

[Asia Economy Reporter Hyunseok Yoo] IL Science announced on the 2nd that CEO Song Seong-geun purchased 200,000 shares out of 1,395,000 shares converted from convertible bonds exercised at Shin Young Securities on the 30th of last month through off-hours trading.

The purchased volume this time is a total of 200,000 shares, amounting to approximately 500 million KRW. These shares are from the convertible bonds issued by Shin Young Happy Tomorrow No.4 Special Purpose Acquisition Company before the merger in 2018. The conversion rights were exercised in May of this year. According to the mandatory lock-up deposit system regulations, these shares can be traded starting this week, six months after the listing date. The total convertible shares amount to 1,395,000 shares.

CEO Song Seong-geun explained, “After IL Science’s KOSDAQ IPO, I purchased 930,000 shares converted from convertible bonds issued in 2016 when the company was unlisted from IBK Capital in February,” adding, “With the 20,000 shares bought on the market in March and this recent block deal, I have purchased a total of 1,150,000 shares.” He continued, “This translates to an increase in shareholding from 23.2% to 28.7%,” emphasizing, “I will do my best for the full stabilization and development of the business.”

Inside the company, CEO Song’s share purchase is expected to have two effects: strengthening management control and resolving the overhang (potential selling pressure) issue. A company official stated, “The previously existing concerns regarding the release of lock-up deposits and profit-taking from the exercise of conversion rights have been resolved,” adding, “Both inside and outside the company, it is seen as having a positive impact on the stock price going forward.” The official also noted, “It is known that a significant portion of the convertible shares was acquired by a US-based fund that highly values the company’s growth potential through the same off-hours trading method.”

Meanwhile, established in 2008, IL Science is a specialized optical solutions company with a portfolio in electric vehicles and the Internet of Things (IoT) sectors, and is currently preparing to launch an LED scalp care device using microcurrent technology.

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