ILJIN SNT Co. Ltd. Announces Filing of Early Warning Report Related to Aurinia Pharmaceuticals Inc.

VICTORIA, BC, Sept. 25, 2020 /CNW/ - ILJIN SNT Co., Ltd. ("ILJIN SNT") announces that, based on information contained in documents filed publicly by Aurinia Pharmaceuticals Inc. ("Aurinia"), ILJIN SNT has ceased to be an insider of Aurinia.

On July 27, 2020, Aurinia completed an underwritten public offering (the "Transaction") of 13.33 million common shares in the capital of Aurinia ("Common Shares"). As a result of the Transaction and a subsequent disposition by ILJIN SNT of an aggregate of 258,791 Common Shares (the "Disposition") through a series of open market transactions between September 15, 2020 and September 21, 2020, ILJIN SNT, together with its joint actors, has beneficial ownership of, or control and direction over, less than 10% of the issued and outstanding Common Shares. Accordingly, following the filing of the corresponding early warning report pursuant to National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, ILJIN SNT will no longer file early warning or insider reports in respect of its ownership of the Common Shares, except as may be required by applicable law.

Prior to the closing of the Transaction and the Disposition, ILJIN SNT, together with its joint actors, had beneficial ownership of, or control and direction over, 11,734,861 Common Shares and 666,666 warrants, each warrant entitling the holder to acquire one Common Share ("Warrants"), representing approximately 10.9% of the issued and outstanding Common Shares, assuming the exercise of the Warrants. Following the closing of the Transaction and the Disposition, ILJIN SNT, together with its joint actors, continued to have beneficial ownership of, or control and direction over, 11,476,070 Common Shares and 666,666 Warrants, representing approximately 9.6% of the issued and outstanding Common Shares, assuming the exercise of the Warrants.

ILJIN SNT may in the future take such actions with respect to its investment in Aurinia as it deems appropriate, including, without limitation, proposals for business combinations or otherwise acquiring additional Common Shares or warrants, engaging in any hedging or similar transactions with respect to Common Shares, effecting changes in the board composition, ownership structure or operations of Aurinia, submitting shareholder proposals regarding amendments to Aurinia's articles or other policies, encouraging Aurinia to pursue one or more strategic transactions and/or otherwise changing their intention with respect to any and all matters. Any such transaction or action referred to in this paragraph would be made in compliance with all applicable laws and regulations.

SOURCE ILJIN STN Co., Ltd.