HANDYSOFT, Inc. announced that it expects to receive KRW 49.9999955 billion in funding from AIBIT Co., Ltd. and other investors
November 14, 2018
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HANDYSOFT, Inc. (KOSDAQ:A220180) announced a private placement of 5,063,290 shares at a price of KRW 3,950 per share for gross proceeds of KRW 19,999,995,500 and 2nd series unregistered coupon unguaranteed private convertible bond for gross proceeds of KRW 30,000,000,000, for aggregate gross proceeds of 49,999,995,500 on November 14, 2018. The transaction will include participation from new investors, AIBIT Co., Ltd. (KOSDAQ:A039230) and KN Global New Medicine 2 Private Equity Fund for 2,531,645 shares each and KN Global New Medicine Fund 1 for the bonds. The investors will acquire total 40.42% stake in the company, by acquiring 20.21% each. The bonds will carry no coupon and no yield to maturity. The maturity date is December 20, 2023. The bonds will be 100% convertible into 6,423,982 common shares for 86.08% stake in the company at a fixed conversion price of KRW 4,670 per share from December 20, 2019 to December 20, 2023. The transaction will be carried out via third party allotment. The transaction has been approved by the board of directors of the investor and the company. The shares being issued in the transaction are subject to a lock-up period of one year. The subscription date for the bonds is November 14, 2018. The transaction is expected to close on December 20, 2018.
HANDYSOFT, INC. is a Korea-based company principally engaged in developing Internet platform and software. The Company mainly provides software such as collaboration solutions, process innovation solutions and mobile solutions; government solutions, including G-cloud services, enterprise cloud systems and e-government solutions, and Internet of things (IoT) platforms and services, such as meteorological information services, smart office services, smart home services and software as a service (SaaS) platforms and services.