N2Tech Co., Ltd announced that it expects to receive KRW 20 billion in funding
June 16, 2021
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N2Tech Co., Ltd (KOSDAQ:A227950) announced a private placement of series 15 bearer type non-guaranteed private placement convertible bonds for gross proceeds of KRW 10,000,000,000 and series 15 bearer type non-guaranteed private placement convertible bonds for gross proceeds of KRW 10,000,000,000 for aggregate gross proceeds of KRW 20,000,000,000 on June 17, 2021. The transaction will include participation from Raia Investment Association for series 15 bonds and Gluon Bond Investment Illim for series 16 bonds. The series 15 bonds maturity date is July 9, 2024 and the series 16 bonds maturity date is July 30, 2024. The surface interest rate and maturity rate is 2% each. The bonds are fully convertible into 4,468,275 shares each representing 6.30% stake of the company each, at a fixed conversion price of KRW 2,238 per share from July 9, 2022 to June 8, 2024 for series 15 bonds and July 30, 2022 to June 29, 2024 for series 16 bonds. The transaction has been approved by the board of directors. The payment date is July 9, 2021 for series 15 bonds and July 30, 2021 for series 16 bonds. The securities to be issued pursuant to the transaction are subject to the hold period of one year.
N2tech Co Ltd, formerly Microtech Co Ltd, is a Korea-based company principally engaged in the manufacture and sale of semiconductor equipment components. The Company operates its business through four segments. The Semiconductor Equipment Component segment produces and sells products such as vacuum valves, semiconductor equipment components, and system equipment, and provides after-sales services. The Light Emitting Diode(LED) Cheerleader and Merchandising(MD) Product segment manufactures products consisting of LED cheerleaders and MD products. The Entertainment segment is engaged in the production and sale of broadcast programs and entertainment management business. The Mask Manufacturing segment is engaged in the manufacture and sale of masks.