UbiVelox expands Thinkware stake to 42.33% with open market purchases and preferred share redemption reducing total shares by 12.5%
UbiVelox acquired an additional 40,151 shares of Thinkware through open market purchases from July 7 to July 14, 2026. Meanwhile, the redemption of 1,580,600 redeemable convertible preferred shares on June 24, 2026 reduced total outstanding shares, boosting UbiVelox's ownership from 36.74% to 42.33%.
The report reveals that UbiVelox has pledged 1,018,000 shares representing approximately 9.16% of total shares to NH Nonghyup Bank as collateral. Additionally, CEO Lee Heung-bok has pledged a small number of shares to Shinhan Investment Securities. UbiVelox is increasing its stake to maintain control over management.
The redemption of preferred shares reduced the total voting shares from 12,690,024 to 11,109,424, a 12.5% decrease that enhances existing shareholder value. The additional share purchases were funded by UbiVelox's operating cash of 254 million won.
[AI Summary]UbiVelox's stake increase in Thinkware results from a combination of open market purchases and a reduction in outstanding shares due to preferred share redemption. The redemption is a positive factor that reduces share count and increases per-share value, but the large pledge of shares poses a potential risk. While management control is strengthened, the short-term impact on stock price is limited.