Mobile device maker ALT Co., Ltd. (ALT) will list on the KOSDAQ market.
On the 13th, Korea Exchange (KRX) said it approved ALT's merger listing on the KOSDAQ market. Trading will begin on the 17th.
The absorbed corporation is the 21st special purpose acquisition company, and the reference price for the dissolution merger of the SPAC (special purpose acquisition company) was set at 4,870 won. The par value is 100 won.
ALT, a specialist corporations in mobile devices dedicated to children and older adults known as kids phones and senior phones, was founded in 2017. Its domestic kids phone market share under its own brand "MIVE" exceeds 60%.
ALT expanded from mobile device manufacturing into a tablet-based artificial intelligence (AI) platform business, posting 127.6 billion won in revenue last year. That was up 49.7% from a year earlier, and operating profit came to 15.3 billion won.
ALT plans to use the listing proceeds for new mobile device development and service development such as applications (apps). It also scheduled entries into the United States and Japan next year.
The company also plans to work on enhancing shareholder value after listing. The tradable float on the listing date will be about 37% of the total listed shares, and it will pursue share buybacks (treasury shares) and dividends.
Meanwhile, Samik Pharmaceutical Company, which listed on the KOSDAQ market through a merger by absorption with Hana Financial No. 28 SPAC on the 27th of last month, hit the upper price limit for four consecutive sessions including the listing day.