According to Taiwanese media reports, PlayNitride has initiated its first fundraising plan since its listing. The company’s board of directors has approved two methods for raising funds: issuing NT$800 million (approximately $25.6 million USD) in secured convertible bonds (CBs), and a NT$12 million (approximately $384,000 USD) cash capital increase by issuing 12,000 shares.
During the earnings call, PlayNitride stated that the funds raised will be used for capital expenditures, including equipment adjustments at its Zhunan factory, the acquisition of next-generation Micro LED production equipment, and the purchase of the factory currently leased from Epistar.
Based on PlayNitride’s closing price of NT$149 per share last Friday (approximately $4.79 USD), the cash capital increase price is expected to be discounted by 20%, with the company estimating to raise about NT$1.43 billion (approximately $45.76 million USD). With the additional funds from the convertible bonds, the total fundraising amount is expected to exceed NT$2 billion (approximately $64.1 million USD). This is the largest fundraising initiative since PlayNitride went public.
PlayNitride’s Current Focus and Challenges
Currently, PlayNitride’s main products include automotive equipment, wearable devices, and televisions, with plans to enhance gross margins through Micro LED mass transfer technology. However, the main challenge for Micro LED development remains the high cost of production. To address this, PlayNitride is actively integrating with upstream and downstream partners, such as AUO and Epistar, to build a robust Micro LED ecosystem.
Since 2021, PlayNitride has collaborated with AUO, focusing on smart watch displays, and has further optimized the technology in 2023. The company expects to move from the trial production phase to full shipments in the first quarter of next year. Additionally, PlayNitride and AUO are jointly developing automotive curved displays and rollable screens, and the company plans to establish a new presence in Europe to better serve local automotive customers.
Expansion with Samsung and Strong Financial Growth
In addition, since 2020, PlayNitride has partnered with Samsung to showcase Micro LED TVs at the Consumer Electronics Show (CES) in the US. In 2023, the two companies officially launched 89-inch Micro LED TVs, with plans to release 140-inch models next year.
Regarding financial performance, for the period from January to November 2024, PlayNitride reported cumulative revenue of NT$1.61 billion (approximately $51.6 million USD), an increase of 85.81% year-on-year. In November alone, the company recorded a revenue of NT$322 million (approximately $10.3 million USD), a significant year-on-year growth of 283.07%.
PlayNitride has stated that its revenue is expected to continue growing next year, driven by Samsung’s plan to launch the 140-inch Micro LED TV, the continued growth in wearable device panel shipments, and the expansion of sales of self-manufactured Micro LED production equipment.
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