The announcement of the plan sent its shares up 17.99 percent to 25,250 won, after the KOSDAQ-listed stock climbed as high as 26,900 won earlier in the day.
Under the plan, its U.S. affiliate Enchem America will merge with TLGY Acquisition Corp., a Nasdaq-listed special purpose acquisition company (SPAC).
The merger, expected to be completed by this fall, will allow Enchem America to become part of a Nasdaq-listed company, providing access to U.S. public capital markets without a traditional initial public offering (IPO).
In return, Enchem will receive TGHL shares, giving it an 85 percent stake in the Nasdaq-listed company and allowing it to retain control of its U.S. business.
Following the merger, TGHL will own Enchem America, while Enchem will remain its largest shareholder. However, Enchem's ownership stake could be diluted if TGHL issues new shares to raise funds.
The company aims to raise up to $200 million from global investors with the exact amount and timing depending on market conditions and investment agreements.
The funds will be used to expand Enchem America's manufacturing capacity, strengthen its North American supply chain and support future growth. The company said the Nasdaq listing would improve financial flexibility and broaden its funding options.
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