Hansongneotech Co.,Ltd. announced that it expects to receive KRW 14.999999263 billion in funding from Synerworks Co., Ltd. and another investor
October 15, 2020
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Hansongneotech Co.,Ltd. announced a private placement of common shares and bonds for gross proceeds of KRW 14,999,999,263 on October 15, 2020. The company will issue 3rd series unregistered coupon non-guaranteed private convertible bonds to Nextera Technology Fund for gross proceeds of KRW 10,000,000,000 and 2,675,227 common shares at KRW 1,869 per share to Synerworks Co., Ltd. for the gross proceeds to KRW 4,999,999,263. The shares tranche is expected to close on February 25, 2021. The bonds will be issued at 1% interest rate, 3% yield to maturity, and will mature on March 30, 2023. The bonds can be 100% converted into 4,524,886 common shares for 10.10% stake of the company at a fixed conversion price of KRW 2,210 per share. The conversion period is from March 23, 2022 to February 28, 2024. The transaction is expected to close on March 30, 2021. The company will issue bonds at par. The transaction has been approved by board of directors of the company. The securities to be issued are subject to hold period of one year.
HANSONGNEOTECH CO.,LTD., formerly Dongbu 3rd Special Purpose Acquisition Co., Ltd., is a Korea-based company principally engaged in the manufacture and sale of equipment which is used for flat panel display (FPD) manufacturing. The Companyâs products profile consists of fine metal mask (FMM) tension machines, support tension machines, laser trimmers, manual repair devices, mask inspection quality control (IQC) devices and pixel positioning accuracy (PPA) inspection machines, among others. These products mainly used for plasma display panels (PDPs), liquid crystal displays (LCDs), active matrix organic light emitting diodes (AMOLEDs) and others. In addition, the Company provides ultrasonic cleaners those are applied to FPD. It distributes its products within domestic market and to overseas markets.