U-Tech Co., Ltd. (KOSDAQ:A178780) announced a private placement of 14 series unguaranteed private equity convertible bonds for proceeds of KRW 5,000,000,000 on August 13, 2020. The transaction will include participation from Woosol Industrial Development Co., Ltd. for KRW 5,000,000,000. The bonds will carry a coupon rate of 1% and yield to maturity interest rate of 4%. The 14th series bonds will mature on October 30, 2023. The bonds will be fully convertible into 1,240,387 shares of the company at a fixed conversion price of KRW 4,031 between the period of October 30, 2021 to September 30, 2023. The subscription date is August 13, 2020. The transaction has been approved by the board of directors of the company. The transaction is expected to close on October 30, 2020.