Long-term Lithium Science (688779.SH) announced that the company held the 18th meeting of the first board of directors and the 11th meeting of the first board of supervisors on September 29th, 2021, and examined and passed the "motion on the use of raised funds to increase capital to wholly-owned subsidiaries to implement fund-raising projects." The implementation body of the company's fund-raising project "the first phase expansion project of automotive lithium battery cathode materials" is the wholly-owned subsidiary Hunan long-term Lithium New Energy Co., Ltd. ("long-term new energy"). The company intends to use the raised capital of 1.718 billion yuan to increase capital to long-term new energy for the implementation of the above-mentioned fund-raising projects, of which 600 million yuan is used as registered capital and the remaining 1.118 billion yuan is included in the capital reserve.
After the completion of this capital increase, the registered capital of long-term new energy has increased from 400 million yuan to 1 billion yuan, and the company still holds 100% equity in long-term new energy.
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