NextenBio Secures Additional 13.48% Stake in Subsidiary EV Cheomdansojae

Nexen Bio announced on the 11th that it will convert all of the 15 billion KRW convertible bonds (CB) of EV Advanced Materials held by the company into stocks.

The CB to be converted this time is the 7th anonymous bearer, interest-bearing, unsecured private placement convertible bonds with a total amount of 15 billion KRW. The conversion price is 1,767 KRW per share, and the scheduled listing date is the 28th of this month.

Nexen Bio was the largest shareholder holding 10.01% of EV Advanced Materials' shares, and through this stock conversion, it secured a total of 13,309,276 shares, accounting for 23.49%.

EV Advanced Materials is a company based in Daegu Metropolitan City that produces flexible printed circuit boards (FPCB) and transparent LED films. The company, aiming to expand its business in the eco-friendly sector, is increasing orders for FPCB used in electric vehicle batteries, while steadily advancing new businesses related to lithium carbonate and lithium hydroxide, key materials for cathodes in electric vehicle batteries.

The increase in the largest shareholder's stake is expected to have a positive impact on stabilizing the management and alleviating the financial burden of EV Advanced Materials.

Nexen Bio operates a CNC automatic lathe business, which is a core equipment for smart factory automation. Based on a wide lineup suitable for various uses, the company continuously develops and mass-produces customized products for customers, aiming to provide a "Smart Automatic Lathe Factory Solution Service."

A Nexen Bio official stated, "We will create a year of growth by improving profitability based on sales expansion of the main business in 2023 and steady growth of the bio business."

He added, "Through this regular general shareholders' meeting, we will continue efforts to grow the company through compliance management and efficient management together with the inside and outside directors who have rich industry experience."

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