JNBi-DB Geumyung SPAC 9ho, Merger Listing Proposal Approved at Shareholders' Meeting

JNB, a company providing total utility solutions for vacuum pumps, and DB Financial SPAC No.9 announced on the 6th that they each held a shareholders' meeting to approve the merger agenda for a merger listing.

JNB and DB Financial SPAC No.9 began the full merger process after receiving preliminary listing review approval in July and submitting the securities registration statement in August. After the shareholders' meeting approval, there will be a period for exercising the right to request stock purchase until the 26th, and the company plans to be listed on the KOSDAQ market next month. The merger date is set for the 8th of next month.

Founded in 2002, JNB is a manufacturer of core utilities (stacker systems, on-tool setting kits, etc.) combined with vacuum pumps for semiconductors and high-precision vacuum pump parts. In 2003, it developed the stacker system and supplies more than 2,000 customized stacker systems to 24 Samsung semiconductor production lines together with vacuum pumps from Company E, the global No.1 vacuum pump manufacturer. It also manufactures high-precision parts. Currently, it produces high-precision vacuum pump parts for Company E, which holds the No.1 market share in vacuum pumps for semiconductors.

Based on technological competitiveness verified through major overseas customers, the company is showing good performance in management results as well. As of the first half of this year, it recorded sales of 8.5 billion KRW, operating profit of 2.9 billion KRW, and net profit of 2.0 billion KRW. Over the past three years (2019?2022), the average annual sales growth rate was 43.5%, and the operating profit growth rate was 89.7%, indicating success not only in external growth but also in strengthening internal stability.

JNB plans to utilize the funds secured through the SPAC listing for facility and R&D investments to enhance product sophistication and diversify its portfolio. Leveraging JNB’s accumulated know-how and differentiated technology in the semiconductor industry, it will also enter new businesses such as new material high-precision parts manufacturing and eco-friendly equipment.

JNB CEO Lee Jeong-beom said, "We will actively communicate with shareholders after listing and do our best for mutual benefits and company development."

The merger price between JNB and DB Financial SPAC No.9 is 5,757 KRW, with a merger ratio of 1 to 0.3474114. After the merger, the total number of issued shares will be 9,214,471 shares.

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