SK hynix entered the U.S. Nasdaq market on the 10th (local time) through a listing of American depository receipts (ADR).
On the morning of the day, SK hynix held an "opening bell" ceremony at the Nasdaq MarketSite in New York to mark its ADR listing. An ADR is a certificate that allows overseas corporations to issue and trade their shares in the U.S. market without listing directly on a U.S. stock exchange.
The event was attended by SK Group Chairman Chey Tae-won, Senior Vice Chairman Choi Jae-won, SK hynix Chief Executive Officer (CEO) Kwak Noh-jung, and others. When the chairman and others rang the opening bell signaling the Nasdaq listing, a bright peal of bells filled the venue, and multicolored confetti poured from the ceiling to mark the listing moment.
Attendees on site applauded and cheered in unison to celebrate SK hynix's successful ADR listing. Some raised their fists with elated expressions to show their joy.
The celebratory mood continued outside the venue. A promotional video featuring SK hynix's brand image played on the Nasdaq Tower electronic billboard in New York's Times Square, and starting on the night of the 9th, lighting in the shape of a giant Taegeukgi illuminated the building at 270 Park Avenue in Manhattan, reportedly underscoring the significance of SK hynix's ADR listing.
The ADR offering price was $149 per share, with a total offering of 177.9 million shares. Through this, SK hynix will raise $26.507 billion (about 39.8111 trillion won).
SK hynix CEO Kwak Noh-jung said, "We are grateful to investors and customers, and we will support our employees so they can achieve greater success as we expand the boundaries of memory's potential through innovation." He added, "SK hynix will prove its technology leadership and be everywhere AI is."
The offering proceeds are scheduled to be paid on the 14th, and the new shares underlying the ADRs will be additionally listed on the Korea Exchange (KRX) KOSPI around the 29th of this month.