Midas AI Co.,Ltd. announced that it expects to receive KRW 20 billion in funding from Meritz Securities Co., Ltd., Investment Arm
April 27, 2021
Share
Midas AI Co.,Ltd. announced a private placement of series 14 non-guaranteed private equity convertible bonds for the gross proceeds KRW 6,000,000,000, series 15 non-guaranteed private equity convertible bonds for gross proceeds of KRW 8,900,000,000 and series 16 non-guaranteed private equity convertible bonds for gross proceeds of KRW 8,000,000,000 for an aggregate gross proceeds of KRW 20,900,000,000 on April 28, 2021. The transaction will include participation from individual investors including Eui-sun Chung for KRW 3,000,000,000 and Won-sik Seo for KRW 3,000,000,000 subscribing to series 14 bonds; Meritz Securities Co., Ltd., Investment Arm for KRW 8,900,000,000 subscribing to series 15 bonds and Young-Jun Kim for KRW 3,000,000,000, Seungbeom Lee for KRW 3,000,000,000 and Ji-cheol Jeong for KRW 2,000,000,000 subscribing to series 16 bonds. The series 14 bonds are 100% convertible into 11,834,319 common shares for 9.56% stake of the company at a conversion price of KRW 507 per share, series 15 bonds are 100% convertible into 11,834,319 common shares at a fixed conversion price of KRW 356 per share and Series 16 bonds are convertible into 15,779,092 common shares for 12.75% stake of the company at a fixed conversion price of KRW 507 per share. The conversion period of series 14 bonds will start from June 7, 2022 to May 7, 2024, series 15 from December 23, 2022 to December 20, 2024 and series 16 from July 28, 2022 to June 28, 2024. The bonds will bear zero interest, series 14 and series 16 bonds carry 3% interest to maturity, series 15 bonds carry 3% interest to maturity and series 14 bonds will mature on June 7, 2024, series 15 bonds will mature on December 23, 2024 and series 16 bonds will mature on July 28, 2024. The transaction has been approved by board of the company. The subscription date of the series 14 and series 16 bonds is April 28, 2021, the subscription date of the series 15 bonds is December 2, 2021 and payment date of series 14 bonds is June 7, 2021, series 15 bonds is December 23, 2021 and series 16 bonds is July 28, 2021.
Setopia Co Ltd, formerly Midas AI Co Ltd, is a Korea-based company mainly engaged in the development and supply of information security solutions. The Company operates its business through two segments. The Security Business segment is mainly engaged in the development and sale of data loss prevention (DLP) solutions, security universal serial buses (USBs) management solutions, privacy solutions and others. The Service Business segment is engaged in the provision of system integration (SI) and system management (SM) related services. In addition, the Company is engaged in the export business include coronavirus disease (COVID)-19 diagnostics, diagnostic kits, personal blood glucose meters, blood glucose meters used in measuring devices and others.
SETOPIA CO.,LTD. 
