JOONGANG DNM Co.,Ltd announced that it expects to receive KRW 19.99998 billion in funding from Active Value Asia Partners Co., Ltd., HF Networks Co., Ltd.
December 08, 2022
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JOONGANG DNM Co.,Ltd announced a private placement of 16,129,000 common shares at the price of KRW 620 per common share for gross proceeds of KRW 9,999,980,000 and series 12 usecured privately placed convertible bonds with bearer interest for the gross proceeds if KRW 10,000,000,000; for aggregate gross proceeds of KRW 19,999,980,000 on December 9, 2022. The transaction will include participation from returning investor, HF Networks Co., Ltd. for 8,064,500 shares, other investor Active Value Asia Partners Co., Ltd. for 8,064,500 shares and B&M Solution Fund. The payment date for the transaction is February 23, 2023. The company issued shares through third party allocation method. The transaction has been approved by the board of directors of the company.
For Series 12 Bonds - The The bonds carry a rate coupon rate of 6% and Interest rate of 6%. The series 12 bonds will mature on March 31, 2026. The bonds are 100% convertible into 13,966,480 common shares of the company at a fixed conversion price of KRW 716 per share. The conversion period for bonds will start from March 31, 2024 and will end on February 28, 2026. The transaction is expected to close on March 31, 2023.
Joongang Advanced Materials Co Ltd, formerly Joongang DNM Co Ltd, is a Korea-based company primarily engaged in the communications equipment and equipment business. The Company operates through four segments. The Communication equipment business segment is mainly engaged in the provision of communication parts and maintenance services, including communication equipment for electric vehicles. The polyvinylchlorid (PVC) products and construction materials Manufacturing Business segment is mainly engaged in the manufacture of sashes, door frames, ducts, and others. The Light Emitting Diode (LED) and System Lighting Device Business Division is engaged in manufacturing LED edge lighting, and others. The Service business segment is mainly engaged in the provision of services such as interior design.
JOONGANG DNM Co.,Ltd announced that it expects to receive KRW 19.99998 billion in funding from Active Value Asia Partners Co., Ltd., HF Networks Co., Ltd.