Truewin Reviews Extinguishment of Conversion Rights Including Major Shareholder Equity Acquisition

Truewin announced on the 3rd that it is considering large-scale early redemption of convertible bonds (CB) and inclusion of major shareholders.

It is expected that approximately 4.82 million shares of the 12th series CB will soon resolve the overhang issue through inclusion in major shareholders and cancellation. The approximately 3.38 million shares of the 15th series CB were used for equity investment in NM Tech, a silicon anode material development company, so it is unlikely that these shares will be released to the market for a considerable period.

The number of shares that could potentially be released to the market is about 3.92 million, which accounts for 6.9% of the issued shares.

Nam Yonghyun, CEO of Truewin, said, "I understand there are concerns regarding the convertible bonds and bonds with warrants (BW) conversion rights that were issued for business funding purposes," adding, "We are actively considering acquiring the bonds before maturity and incorporating them into major shareholder equity to prevent damage to shareholder value."

Truewin expects to generate performance in the defense sector starting from the third quarter of this year based on business synergy with Hanwha Systems. Once mass production of silicon anode materials is in full swing, sales in the defense sector are anticipated to reach between 50 billion and 80 billion KRW.

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