WiseAitek Signs Treasury Stock Trust Agreement to Stabilize Share Price

[Asia Economy Reporter Hyungsoo Park] Wise AITech, a company specializing in artificial intelligence (AI) and big data, announced on the 27th that it has signed a trust contract for acquiring its own shares worth 1 billion KRW with Daishin Securities.

The purpose is to stabilize the stock price and enhance shareholder value, and the contract period lasts until April 26 of next year. Previously, Wise AITech purchased its own shares worth 6 billion KRW in total over three occasions in April and August 2020, and May last year.

On the 11th, Wise AITech also exercised the put option (call option) on the 4th series convertible bonds (CB) issued in 2020 to protect shareholders and enhance corporate value. All were canceled, resolving concerns about potential sell-waiting volumes that could be converted into shares.

Kim Jonghyun, CEO of Wise AITech, said, "Both the early acquisition and cancellation of convertible bonds and the trust contract for acquiring our own shares demonstrate not only the enhancement of shareholder value but also confidence in growth." He added, "We will continue efforts to enhance shareholder value."

Wise AITech has set new maximum sales records for 10 consecutive quarters through the second quarter of this year. By the end of this year, it plans to launch the ‘MetaEngine™’ product to expand its market share.

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