Jang Dong-bok, CEO of Yes24, Exercises CB Call Option... "28% Increase in Shareholding"

[Asia Economy Reporter Yoo Hyun-seok] YESTY, a specialized company in semiconductor and display thermal management equipment, announced on the 8th that CEO Jang Dong-bok exercised a 40% call option on convertible bonds (CB) and acquired bonds convertible into 1,033,057 shares of stock.

YESTY issued convertible bonds worth 20 billion KRW in March 2019 to raise funds for facilities and operations. Through this call option exercise, CEO Jang paid the full purchase price of 8 billion KRW, corresponding to 40% of the total convertible bonds, and acquired the convertible bonds. The 8 billion KRW worth of convertible bonds is expected to be converted into common stock. As a result, CEO Jang’s shareholding ratio in YESTY, as the largest shareholder, will increase to 28.6%.

This expansion of CEO Jang’s stake demonstrates confidence in the continuous growth of YESTY’s business. A YESTY official stated, “The additional acquisition of shares by the largest shareholder reflects not only the expansion of YESTY’s existing business but also the growth potential of the SiC power semiconductor business through its subsidiary, Yes Power Technics. By significantly resolving the overhang issue, it will stabilize the stock price and strengthen management rights, showing our confidence in YESTY’s future development.”

Meanwhile, Yes Power Technics, in which YESTY holds a 34.2% stake, is a company equipped with domestic development and mass production systems for SiC power semiconductors. With rapidly increasing demand for SiC power semiconductors in various industries such as electric vehicles, hydrogen vehicles, solar inverters, and TVs, it has been recognized for its growth potential. Last month, YESTY became the largest shareholder by additionally acquiring existing shares of Yes Power Technics. Furthermore, SK invested 26.8 billion KRW in Yes Power Technics, securing the status of a strategic investor (SI) and officially entering the SiC power semiconductor market.

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