ILJIN SNT Co. Ltd. Announces Filing of Early Warning Report Related to Aurinia Pharmaceuticals Inc.
09 Dec, 2019, 06:30 ET
VICTORIA, Dec. 9, 2019 /CNW/ - ILJIN SNT Co., Ltd. ("ILJIN SNT"), announces the sale of common shares of Aurinia Pharmaceuticals Inc. ("Aurinia"), the exercise of the Put Option Agreement by the counterparty to the Put Option Agreement which was disclosed in ILJIN SNT's November 13, 2019 Early Warning Report, and the subsequent intention to withdraw the exercise of the Put Option by that counterparty.
Between November 21, 2019 and December 6, 2019, ILJIN SNT sold 2,095,549 shares in open market transactions. Such shares were sold in multiple transactions at price per common share ranging from US$6.00 to US$17.33. The sales were all made under a Form 144 filed in the United States with the Securities and Exchange Commission to allow ILJIN SNT, at its sole discretion, to be allowed to sell the maximum allowable number of common shares under the volume restrictions of Rule 144(2) of the Securities Act of 1933.
On November 15, 2019, NH Investment & Securities Co., Ltd., a financial services company headquartered in South Korea ("NH") notified Mr. Chin Kyu Huh, chairman of ILJIN SNT ("Mr. Huh") of its exercise of the Put Option (as disclosed in the Early Warning Report filed November 13, 2019, as the NH Agreement and Put Option), with respect to 3,890,000 shares subject to the Put Option. Pursuant to the terms of the NH Agreement, Mr. Huh or his affiliates (or a third party designated by them) were to enter into an agreement with NH within 30 days regarding the purchase and sale obligations of the respective parties with respect to such shares. Subsequently, however, on December 5, 2019, NH notified Mr. Huh of its intention to withdraw its exercise of the Put Option. Mr. Huh is currently conducting a review of the validity of such withdrawal and his legal options under the NH Agreement. During the pendency of this assessment and any potential proceedings against NH, these shares will be deemed not to be beneficially owned by any of NH, Mr. Huh or ILJIN SNT.
Including the common shares that are subject to the Put Option Agreement, ILJIN SNT has or is deemed to have beneficial ownership of, or control and direction over, 10,632,221 Common Shares and 666,666 warrants, each warrant entitling the holder to acquire one Common Share ("Warrants"), which represents 11.3% of the currently outstanding Common Shares.
All calculations as to percentage ownership are based on 94,285,000 Common Shares outstanding as of September 30, 2019, as reported in Aurinia's Management's Discussion and Analysis, filed November 14, 2019 on SEDAR.
SOURCE ILJIN SNT Co. Ltd.
For further information: or to obtain a copy of the early warning report filed by ILJIN SNT, please contact Woo Young Choi at +82-2-707-9742. ILJIN SNT Co., Ltd., 45, Mapo-daero, Mapo-gu, Seoul, South Korea, 04167
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