Hurim A-Tech, Majority Shareholder's Entire Stock Subject to Voluntary Lock-up for 3 Years

Hurim ATEC announced on the 21st through a disclosure that its largest shareholder, Hurim Robot, will place all shares held under a 3-year lock-up for responsible management purposes. The number of shares subject to the lock-up is 53,949,444, accounting for 40.56% of the total issued shares.

The day before, the Korea Exchange KOSDAQ Market Headquarters held a corporate review committee and decided to maintain Hurim ATEC's listing. This decision was made because Hurim ATEC sincerely adhered to the management normalization and improvement plans it presented over the past year to resume trading.

Previously, Hurim ATEC was granted a one-year improvement period from June last year to June this year, during which it focused on corporate restructuring centered on the largest shareholder Hurim Robot and the new management appointed by Hurim Robot.

Hurim ATEC recorded sales of 42.95 billion KRW last year, achieving a net profit of 9.8 billion KRW during the same period. In particular, operating profit increased by 44.9% compared to the previous year to 2 billion KRW, demonstrating solid management. The largest shareholder and new management prioritized securing a stable sales structure and establishing corporate financial soundness at that time.

Hurim Robot explained that it decided on a voluntary lock-up in line with the resumption of trading to continue responsible and ethical management. With this lock-up, all of Hurim Robot's shares in Hurim ATEC are expected to be restricted from account transfers, pledge establishment and cancellation, sale, and withdrawal for three years.

A Hurim ATEC official stated, “The lock-up was implemented to enhance Hurim ATEC's management transparency and establish a stable governance structure to increase efficiency,” adding, “Under the values of ethical and responsible management, we will focus on strengthening competitiveness in the existing automotive interior and exterior materials industry and do our best to realize shareholder value.”

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