Gradiant - Tender Offer, Buyback, and Cancellation of 25% of Outstanding Shares

• Gradiant announced a tender offer, buyback, and cancellation of 3,571,428 shares (25% of outstanding shares) at 14,000 won per share (16% higher than current price).

• The total amount of this deal is worth 50 billion won. The tender offer period is from 11 November to 5 December.

• In our view, this tender offer, buyback, and cancellation of nearly 25% of outstanding shares is a major positive catalyst that should boost its share price.