Gemvaxlink Co., Ltd. announced that it expects to receive KRW 21.6 billion in funding from Kiwoom Asset Management Co., Ltd., Truston Asset Management Co., Ltd. and other investors
June 29, 2021
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Gemvaxlink Co., Ltd. (KOSDAQ:A064800) announced a private placement of Series 12 domestic non-guaranteed convertible bonds for gross proceeds of KRW 5,000,000,000 and Series 13 domestic non-guaranteed convertible bonds of KRW 16,600,000,000 for aggregate gross proceeds of KRW 21,600,000,000 on June 30, 2021. The transaction included participation from new investors Kiwoom Asset Management Co., Ltd. for KRW 3,000,000,000, Truston Asset Management Co., Ltd. for KRW 2,000,000,000, True Investment Advisory for KRW 500,000,000, Remake Asset Co., Ltd. for KRW 400,000,000, Gwanghwamun 169 Limited Liability Company for KRW 300,000,000, individual investors, An-ok Lee for KRW 1,800,000,000, Suk-young Jeong for KRW 1,100,000,000, Jae-won Choi, Min-seon Lee, Seong-jae Park, Jin-ki Choi for KRW 1,000,000,000 each and other individual investors. The bonds will not bear any interest and will mature on June 30, 2024. The Series 12 domestic non-guaranteed convertible bonds are fully convertible at a fixed conversion price of KRW 2,008 per share into 2,490,038 common shares and Series 13 domestic non-guaranteed convertible 8,266,903 common shares from June 30, 2022 to May 30, 2024 and June 30, 2022 to May 30, 2024 respectively. The transaction has been approved by the board of directors of the company. The subscription date and expected closing date is June 30, 2021. The securities issued is subject to hold period of 1 year.
GemVaxLink Co Ltd, formerly Feelingk Co Ltd, is a Korea-based company mainly engaged in the sale of clothing miscellaneous goods. The Company operates its business through two segments. The Overseas Fashion Business segment sells apparel, fashion, miscellaneous goods, and luxury goods. The Wireless Internet Solution Business segment mainly develops wireless Internet solutions such as short message service center (SMSC) and long message service center (LMSC) systems, wireless application protocol (WAP) gateways and multimedia message service center (MMSC) systems, and other wireless Internet solutions such as ring back tone (RBT), unified messaging system (UMS) as well as wireless Internet platforms for interoperability (WIPI) globalization solutions under the brand name of Feelingk. The Company also involves in the management consulting and real estate rental business.
Gemvaxlink Co., Ltd. announced that it expects to receive KRW 21.6 billion in funding from Kiwoom Asset Management Co., Ltd., Truston Asset Management Co., Ltd. and other investors