Smack, CEO Acquires 500 Million KRW Convertible Bonds... Commitment to Responsible Management

"Stock Prices to Return to Normal Through This Year's Earnings Turnaround"

[Asia Economy Reporter Kwangho Lee] Choi Youngseop, CEO of Smac, a specialized company in machine tools and industrial robots, has demonstrated strengthened responsible management and confidence in the company's growth through the acquisition of convertible bonds.

Smac announced on the 24th through a disclosure that CEO Choi Youngseop acquired bonds worth 500 million KRW from the 7th series of convertible bonds (CB). The number of shares to be converted from this acquisition is 279,642 shares, increasing the CEO's total shares to 890,177, thereby expanding his stake from 1.84% to 2.66%.

Recently, Smac has been aggressively expanding its market share in the U.S. by exhibiting new products that combine continuous R&D investment and technological innovation at the global machine tool exhibition 'IMTS 2022.'

By showcasing products utilizing Smac's competitive technology, the company is broadening its influence in the global machine tool market through pre-orders of secured orders and expanding supply in the U.S. market.

A Smac official stated, "The CEO's acquisition of convertible bonds reflects confidence and a commitment to responsible management, as the company turned profitable with a 36% increase in sales in the first half compared to the same period last year, starting with expanded global market supply this year. The strong sales performance is expected to continue in the second half." He added, "The significantly undervalued stock price will also return to its proper position through this year's performance turnaround."

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