N Citron, Inc. announced that it expects to receive KRW 15 billion in funding
February 17, 2021
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N Citron, Inc. announced a private placement of series 12 unregistered coupon unguaranteed private convertible bonds for gross proceeds of KRW 2,000,000,000 and series 11 bearer interest unguaranteed private convertible bonds for gross proceeds of KRW 13,000,000,000; for aggregate proceeds of KRW 15,000,000,000 on February 18, 2021. The transaction will include participation from Torus Investment Co., Ltd. for KRW 1,000,000,000, Jimong Co., Ltd. for KRW 500,000,000, and Gijun Ahn for KRW 500,000,000. Asher Fund will subscribe to series 11 bonds. The bonds will have interest and yield to maturity of 2% and will mature on February 22, 2024. The series 12 bonds are fully convertible into 2,447,980 common shares for 7.05% stake at a fixed conversion price of KRW 817 per share after 1 year from issuance. The series 11 bonds are fully convertible at a fixed conversion price of KRW 817 per share into 15,911,872 common shares. The conversion period is from February 22, 2022 to January 22, 2024. The transaction has been approved by the board of directors of the company. The payment date is February 22, 2021.
N CITRON, INC., formerly NEOFIDELITY, INC. is a Korea-based company engaged in the manufacture and sale of full digital audio amplifier solution products. The Company produces digital audio amplifier chips, including NTP-7XXX series, NTP-3XXX series, NTP-2XXX series and NSP series for flat panel display (FPD) televisions (TVs), desktop audios, monitor TVs, home theaters and other digital products. The Company distributes its products within domestic market and to overseas markets, including Taiwan, Japan and China. The Company has one Hong Kong-based subsidiary, NF Industries Company Limited.
N CITRON, INC. 
