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.