Syswork Co., Ltd announced that it expects to receive KRW 23.334 billion in funding from BBB Inc., and other investors
August 19, 2020
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Syswork Co., Ltd (KOSDAQ:A269620) announced a private placement 3,600,000 shares at a price of KRW 2,315 for gross proceeds of KRW 8,334,000,000, series 1 unregistered coupon non-guaranteed undetachable private bond for gross proceeds of KRW 15,000,000,000, series 2 unregistered Non-guaranteed coupon private convertible bonds for gross proceeds of KRW 5,000,000,000, and series 3 unregistered Non-guaranteed coupon private convertible bonds for gross proceeds of KRW 10,000,000,000 for aggregate proceeds of KRW 38,334,000,000 on August 19, 2020. The transaction will include participation from BBB Inc. for shares for gross proceeds of KRW 8,334,000,000 and May Fund 1 and Safe Equity Fund for KRW 7,500,000,000 each respectively and Rank Investment Fund for KRW 5,000,000,000 series 2 unregistered Non-guaranteed coupon private convertible bonds, Octo Fund 1 for series 3 bond for KRW 5,000,000,000 and ViewOne Investment Fund for series 3 bond for KRW 5,000,000,000. The bonds have a surface interest rate and interest rate to maturity of 1% each. The series 3 bond will bear an interest rate of 1% and yield to maturity of 1% and will mature on October 16, 2023. The series 1 bonds, series 2 bonds, and series 3 bond are fully convertible into 5,690,440 shares, 1,896,813 shares, and 3,793,626 shares respectively at a conversion price of KRW 2,636 per share for 24.02% and 9.53% respectively of the total number of shares from October 7, 2021 and ends of July 7, 2023 for series 1 bonds and October 07, 2021 to September 07, 2023 for series 2 bonds. The series 1 bonds maturity date is October 7, 2020 and for series 2 bonds is October 07, 2023. The series 3 bond conversion period is from October 15, 2021 to September 16, 2023. Minimum adjusted value will be KRW 1,845 according to market price decline. The shares to be issued have a face value of KRW 100. The transaction will take place through third party allotment. The securities are subject to a hold period of one year. The transaction was approved by the board of directors of the company. The payment date for shares is September 4, 2020 and for series 1 bonds and series 2 bonds is October 7, 2020 and for series 3 bond is October 16, 2020
SYSWORK CO., LTD is a Korea-based company mainly engaged in the production and sale of cleanroom control systems. The cleanroom control systems are the monitoring and control systems of fan filter units (FFUs) and equipment fan filter units (EFUs) used in cleanroom. The main cleanroom control systems include integrated environment monitoring and control systems such as FFU operation, control, and monitoring. The integrated environment monitoring and control systems are to maintain cleanroom environment which is an essential element in the production process of displays and semiconductor lines. The Company also manufactures and sells brushless direct current (BLDC) motors. The BLDC motors are the semi-permanently available motors. The main BLDC motors are outer rotor motors. In addition, the Company also involved of manufacturing and sale of air conditioning controllers.
SYSWORK CO., LTD 
