EHWA Technologies Information Co. Ltd. (KOSDAQ:A024810) announced a private placement of series 40 non-guaranteed private equity convertible bonds for proceeds of KRW 20,000,000,000 and 9,132,420 common stock at a price of KRW 2,190 for proceeds of KRW 19,999,999,800 for aggregate gross proceeds of KRW 39,999,999,800 on April 22, 2021. The transaction will include participation from returning investor, E-Tron Co., Ltd (KOSDAQ:A096040). The bonds carry surface interest rate of 1.5% and interest rate to maturity of 3% per annum. The bonds will mature on May 24, 2024. The bonds are fully convertible into 8,032,128 shares of the company at a conversion price of KRW 2490 per share. The conversion period will start from May 25, 2022 and ends on April 24, 2024. The shares have face value of KRW 200 and will be issued at a premium. The company issued capital through Third party allocation increase. The shares issued will be subject to a hold period of one year. The transaction is expected to close on May 24, 2021. The transaction has been approved by the board of directors of the company.

On May 7, 2021, the company announced that the conversion price of the bonds is KRW 2,490. The company will now issue 8,032,128 common shares upon conversion.