Abpro Bio Co., Ltd. announced that it expects to receive KRW 10 billion in funding from Korea Bond Investment Advisory Co., Ltd.
October 21, 2020
Abpro Bio Co., Ltd. (KOSDAQ:A195990) announced a private placement of series 15 unregistered non-guaranteed private convertible bonds for the gross proceeds of KRW 10,000,000,000 on October 22, 2020. The transaction will include participation from new investor Korea Bond Investment Advisory Co., Ltd..The bonds carry coupon rate of 2% and interest rate to maturity 2%. The bonds have maturity date of November 26, 2023. The bonds can be 100% converted into 227,860,821 common shares of the company at a fixed conversion price of KRW 832 per share, representing the stake of 5.27% in the company. The conversion period start date is November 26, 2021 and end date is October 26, 2023. The subscription date is October 22, 2020. The payment date is November 26, 2020. The transaction has been approved by the company’s board of directors. The bonds carry a hold period of one year.
Abpro Bio Co., Ltd., formerly Ugint Co., Ltd., is a Korea-based company engaged in machine tools manufacturing. The Company produces and distributes small sized machining centers for notebooks, smart phones, tablet personal computers, mobile phones, base plates, light emitting diode (LED) and light crystal display (LCD) television panels, automobile parts, motorbikes parts and aircraft parts. The Company also engages in original equipment manufacturing business (OEM). The Company operates its business within domestic markets and foreign markets such as China and Europe countries.