Yeseon Tech to Cancel 48,000 Treasury Shares Worth 374 Million Won

Yeseon Tech, a company specializing in functional adhesive materials, has decided to cancel its treasury shares, thereby taking concrete steps to enhance shareholder value.

On August 31, Yeseon Tech held a board meeting and announced its decision to cancel 48,989 common treasury shares. The cancellation date is set for September 10.

This quantity represents approximately 0.7% of the company’s total issued shares, which stands at 6,600,088 shares. The planned cancellation amount is 374.28 million won. Shares will be canceled within the profits available for dividends from treasury shares that have already been acquired. As a result, the total number of issued shares will decrease; however, the capital stock will remain unchanged.

Yeseon Tech previously executed a 5-for-1 reverse stock split on July 22. Having posted a profit turnaround in the third quarter last year, the company has maintained profitability through the second quarter of this year, continuing its trend of improved earnings.

The company has developed and filed a patent for flame-retardant adhesive materials to be used in large secondary batteries. Yeseon Tech is expanding its business portfolio from its traditional focus on display materials to the rapidly growing secondary battery materials market.

A Yeseon Tech representative stated, "This treasury share cancellation is a decision to enhance shareholder value amid improving performance trends. Moving forward, we will continue to implement measures to boost shareholder value and strive to strengthen corporate value through profitability-oriented management and ongoing research and development."

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