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Sanigen passes preliminary listing test...SPAC merger ‘smooth’

No. 11 2023.09.11 View 660

 

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Created Date 2023.7.21

The listing process for food safety company Sanigen is going smoothly. We received the results of the listing preliminary review approval from the Korea Exchange. If approval is obtained from shareholders at the general shareholders' meeting to be held in September, the company is scheduled to be finally listed on the KOSDAQ market in November.

According to the investment banking (IB) industry on the 20th, the KOSDAQ market headquarters of the Korea Exchange approved the merger listing of Sanigen and KB No. 23 Hospack after resolution by the listing committee. It is an extinction merger method in which Senizen absorbs KB No. 23 Hospack. The merger ratio between Sanizen and KB No. 23 Pack was set at 1 to 0.24.

The estimated market capitalization considering the merger ratio is around 61 billion won. The merger price per share of Senizen was assessed at 8,339 won. The corporate value before the merger, which is the merger price multiplied by the number of issued shares, is 44.4 billion won. If we add the number of KB 23 SPAC shares and the number of convertible bond (CB) shares considering the merger ratio, the market capitalization after the merger increases to 61.5 billion won.

There is now a general shareholders' meeting to approve the merger. We plan to confirm the SPAC shareholders around the middle of next month and then hold a general shareholders' meeting on September 15th. If approved at the general shareholders' meeting, the merger will take place on October 18th. The listing of new shares is scheduled for November.

Sanigen is a company founded in 2005 by CEO Park Jeong-woong, a microbiology expert who worked at a large food research institute. CEO Park, who graduated from Seoul National University's Department of Food and Biotechnology and received a master's and doctoral degree from the same graduate school, worked as a food researcher at CJ CheilJedang for about 10 years before starting his own business.

Sanigen aims to be a ‘total solution provider’ in the field of food safety, providing everything from diagnosis to sterilization. Based on gene amplification (PCR) and next-generation genetic analysis technology (NGS), we custom-discover the bacteria that customers want, including food poisoning bacteria.

The funds raised through the SPAC merger will be used to strengthen R&D (research and development) capabilities and expand facilities. SeniGen has been working to strengthen its expertise in the genetic field since the company was founded. Currently, R&D personnel account for 40% of the approximately 100 employees. We operate a total of three laboratories within the company, including a diagnostic laboratory, an analytical laboratory, and a sterilization laboratory.

We are also planning to expand overseas. We are discussing supply contracts for products used for food safety diagnosis, including PCR devices, in Japan and Singapore. We plan to expand sales to other Southeast Asian countries in the future. We are also targeting the US and European markets using the latest NGS diagnostic technology.


 

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