ITEK Semiconductor, Inc. announced that it expects to receive KRW 54.5 billion in funding from a group of investors
June 14, 2018
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ITEK Semiconductor, Inc. (KOSDAQ:A119830) announced a private placement of 1st series unregistered unguaranteed private convertible bonds for gross proceeds of KRW 48,000,000,000 and 1,063,500 common shares at a price of KRW 6,112 for gross proceeds of KRW 6,500,112,000, for the aggregate gross proceeds of KRW 54,500,112,000 on June 15, 2018. The transaction will include participation from Korea Stem Cell Bank Co., Ltd. for 360,000 shares, Park Wonjin for 703,500 shares and KRW 3,000,000,000 in bonds, KC Fund 1 for KRW 10,000,000,000, Wonjin Bio HC Co., Ltd. for KRW 3,000,000,000, Wise Alliance Co.,Ltd. for KRW 2,500,000,000, Bel Air Investment Co., Ltd. for KRW 2,500,000,000, Tong 0.917 Co., Ltd. for KRW 3,000,000,000, Stone Bridge Union Co., Ltd. for KRW 6,000,000,000, Pure Lab for KRW 3,000,000,000, KR3 Co., Ltd. for KRW 5,000,000,000, Ascent Kof Co., Ltd. for KRW 5,000,000,000, and Portland Asia Co., Ltd. for KRW 5,000,000,000. The bonds are zero-coupon and have yield to maturity of 2% per annum and will mature on August 14, 2021. The payment date for common shares and bonds is June 25, 2018 and August 14, 2018 respectively. The bonds are convertible into common shares of the company at a conversion price of KRW 6,978 for a period from August 14, 2019 to July 14, 2021. The share being issued in the transaction are subject to a lock-up period of 1 year. The transaction was approved by board of directors of the company.
On the same date, the company announced a private placement of 1st series unregistered unguaranteed private non-detachable bond with warrants for gross proceeds of KRW 10,000,000,000. The private placement will include participation from Korea Stem Cell Bank Co., Ltd. for KRW 7,000,000,000 and Tong 0.917 Co., Ltd. for 3,000,000,000. The bonds are zero-coupon, have a yield to maturity date of 2%, and maturity date of August 14, 2021 and payment date of August 14, 2018. The warrants issued in the transaction are 100% exercisable at a price of KRW 6,978, are non detachable, and have an exercise period from August 14, 2019 to July 14, 2021.
ITEK, Inc., formerly ITEK Semiconductor, Inc., is a company engaged in the provision of semiconductor testing services. The Company mainly provides package testing service and wafer testing service. It also provides test development services for system integrated circuit (IC) devices, as well as characterization testing services, including temperature tests for system IC.
ITEK, INC. 
