ISU Petasys

 

 

[Alpha Biz= Kim Jisun] ISU Petasys decided on the 23rd to cancel its acquisition of JEIO, a secondary battery company.


The company announced that the reason for the cancellation of the stock purchase agreement (SPA) was the seller's failure to fulfill their obligations, thus triggering a contract termination clause. ISU Petasys also requested the return of the previously paid deposit and stated that if necessary, it would take further actions such as filing a lawsuit to recover the deposit.


Despite this, ISU Petasys revealed a new plan for a significantly reduced capital increase, slashing the amount from 5.5 trillion KRW to 2.5 trillion KRW. Initially, ISU Petasys had planned to use 2.5 trillion KRW for facility investment and 3 trillion KRW for the JEIO acquisition. With the cancellation of the acquisition, they decided to eliminate the 3 trillion KRW acquisition cost from the plan.


The new share issuance is scheduled for February 25, with the shares expected to be listed on May 1. The issue price per share is set at 24,600 KRW.


ISU Petasys had paid a deposit of 15.8 billion KRW when it expressed interest in acquiring JEIO along with its capital increase plan. They were planning to acquire a total of 5.46 million new shares worth 99.7 billion KRW via third-party allocation by March 7, in addition to paying the remaining balance of 1.42 trillion KRW. The total acquisition cost for JEIO was estimated to be 2.578 trillion KRW.

 

 

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