Powernet Technologies Corporation announced that it expects to receive KRW 10 billion in funding
February 08, 2021
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Powernet Technologies Corporation (KOSDAQ:A037030) announced a private placement of series 9 unregistered nonguaranteed private convertible bonds for an aggregate gross proceeds of KRW 10,000,000,000 on February 8, 2021. The transaction will include participation from Director Kiwoom 2nd New Technology Business Fund for KRW 7,000,000,000, A1 Mezzanine 3.0 Hedge Fund, A1 Mezzanine Steady seller Hedge Fund, A1 Mezzanine Advantage Hedge Fund and A1 Mezzanine Absolute Hedge Fund, A1 Mezzanine Plus Public Offering Share Hedge Fund, A1 Plus Alpha Kosdaq Venture Hedge Fund, A1 Listed company Mezzanine Hedge Fund, A1 Supreme Kosdaq Venture Hedge Fund for KRW 1,800,000,000, A1 Mezzanine The Classic Hedge Fund, A1 Mezzanine Opportunity Hedge Fund for KRW 700,000,000, and A1 Pure Mezzanine Hedge Fund, A1 Galaxy Kosdaq Venture Hedge Fund for KRW 500,000,000. The bonds carry zero coupon rate of interest and will mature on February 9, 2026. The bonds are convertible into 1,614,726 shares of the company at a conversion price of KRW 6,193 per share. The conversion period will start from February 9, 2022 and ends on January 9, 2026. The transaction is expected to close on February 9, 2021. The transaction has been approved by the board of directors of the company.
POWERNET TECHNOLOGIES CORPORATION is a Korea-based company mainly engaged in the manufacturing and sale of switch mode power supply (SMPS) for consumer electronics. The Company operates its business through three segments. The Consumer Electronic segment manufactures and sells displays power supplies and audio-visuals power supplies, including adapters, SMPS, and power distribution (PD) boards. The Lighting and Printer segment manufactures and sells power products for lighting and printers, including SMPS, low-voltage power supplies (LVPS), and high-voltage power supplies (HVPS). The Other segment manufactures and sells other power supplies except consumer electronic segment and the lighting and printer segment.