Haesung Optics Co., Ltd. announced that it expects to receive KRW 54.999999616 billion in funding from Phillip Consulting Co., Ltd., Exovia Ltd and other investors
July 09, 2020
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Haesung Optics Co., Ltd. (KOSDAQ:A076610) announced a private placement to issue series 7 non-guaranteed private convertible bonds for gross proceeds of KRW 10,000,000,000, series 8 non-guaranteed private convertible bonds for gross proceeds of KRW 10,000,000,000 series 9 non-guaranteed private convertible bonds for gross proceeds of KRW 20,000,000,000, 9,398,496 shares of par value KRW 500 at a price of KRW 1,596 for gross proceeds of KRW 14,999,999,616, for aggregate proceeds of KRW 54,999,999,616 on July 9, 2020. The transaction will include participation from Boldrich Asia No. 1 Union for series 7 bonds and S Partners Investment Association for series 8 bonds, new investors Phillip Consulting Co., Ltd. for series 9 bonds and Exovia Ltd for shares. The bonds carry fixed coupon rate of 2% per annum and interest rate of 3% per annum. The series 7 bonds will expire on July 31, 2025, series 8 bonds will expire on August 8, 2025, series 9 will expire on September 7, 2025. The series 7 bonds are fully convertible into 5,577,244 shares of the company at a fixed conversion price of KRW 1,793 per share from July 31, 2021 to June 30, 2025. The series 8 bonds are fully convertible into 5,577,244 shares of the company at a fixed conversion price of KRW 1,793 per share from August 8, 2021 to July 7, 2025 and series 9 will be convertible into 11,154,489 shares of the company at a fixed conversion price of KRW 1,793 between the period of September 7, 2021 to August 7, 2025. The subscription date for series 7 and series 8 bonds, series 9 is July 13, 2020. The funding from series 7 bonds is expected to be received on July 31, 2020 and funding from series 8 bonds is expected to be received on August 7, 2020 and for series 9 is expected on September 7, 2020 and for shares on September 7, 2020. The transaction has been approved by the board of directors of the company. The shares have a lock up period of one year.
Haesung Optics Co., Ltd. is a Korea-based company principally engaged in the manufacture of optical components for mobile phones. The Companyâs products consist of camera modules, including five mega lens modules, five mega camera modules, eight mega lens modules, eight mega camera modules and13 mega lens modules, which are applied in mobile phones, as well as mobile lenses, glass lenses and black boxes, surveillance cameras and other optical modules for automobiles. The Companyâs products are mainly distributes to overseas markets.
Haesung Optics Co., Ltd. announced that it expects to receive KRW 54.999999616 billion in funding from Phillip Consulting Co., Ltd., Exovia Ltd and other investors