Edison Motors Co., Ltd. announced that it expects to receive KRW 19.99998 billion in funding from Edison EV Co., Ltd
November 01, 2021
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Edison Motors Co., Ltd. announced a private placement of 333,333 shares at an issue price of KRW 60,000 per share for gross proceeds of KRW 19,999,980,000 on November 2, 2021. The company adopted third-party allocated capital increase method. The transaction will include participation from returning investor, Edison EV Co., Ltd. Post completion of the transaction, investor will hold 11.21% stake in the company. The transaction is expected to close on November 5, 2021. The transaction has been approved by the board of directors.
Smart Solutions Co Ltd, formerly EdisonEV Co Ltd, is a Korea-based company mainly engaged in the electric vehicle business. The Company operates through two segments. The Electric Vehicle segment is engaged in the manufacture and sale of electric vehicles. The Semiconductor and Display segment mainly manufactures display inspection equipment such as smart-end point detections (EPD) and smart-health monitoring systems (HMS) for plasma inspection and eagle eye systems (EGIS) for glass substrate inspection.