Mobile terminal manufacturer Alt announced on the 22nd that it and IBKS No. 21 Special Purpose Acquisition Company (SPAC) held separate extraordinary general meetings of shareholders and finalized their merger proposal. The merger ratio is 1 to 0.3824823, and the merger price is 5,229 won per share.
Through this merger, Alt plans to list on the KOSDAQ market on November 14th. The funds raised through the listing will be used to develop new mobile devices and applications, as well as to expand into overseas markets, including the US and Japan. Alt is currently establishing local subsidiaries in the US and Japan and is pursuing expansion of its business-to-business (B2B) business.
Alt recorded consolidated sales of KRW 127.6 billion last year, representing a growth of approximately 50% year-on-year. During the same period, operating profit increased by 27.7% to KRW 15.3 billion, and net profit by 28.4% to KRW 12.2 billion, demonstrating improved profitability.
The company plans to focus on expanding into the global market, focusing on its proven kids' and senior phones in the domestic market. Having established itself as Korea's third-largest mobile device manufacturer, following Samsung Electronics and Apple, the company plans to expand its market share through customized product development.
A company official stated, “We will use the KOSDAQ listing as an opportunity to enhance the competitiveness of our core product lines and expand our brand presence in major markets such as the US and Japan.” They added, “We will also develop artificial intelligence (AI) and robotics technologies as new businesses to diversify our revenue structure and seek to transform into an AI network platform company.”
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