Neo Technical System Co., Ltd. announced that it expects to receive KRW 10 billion in funding from a group of investors
December 26, 2019
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Neo Technical System Co., Ltd. (KOSDAQ:A085910) announced a private placement of episode 1 bearer's coupon unguaranteed private convertible bonds for gross proceeds of KRW 10,000,000,000 on December 27, 2019. The transaction will involve participation from Mirae Asset Daewoo Co., Ltd., Investment Arm for KRW 3,800,000,000, Korea Investment & Securities Co., Ltd., Investment Arm for KRW 200,000,000, IBK Capital Corporation, NH Investment & Securities Co., Ltd., Investment Arm, Shinhan Investment Corp., Investment Arm, Hana Financial Investment Co., Ltd., Investment Arm for KRW 1,000,000,000 each, SUSUNG ASSET MANAGEMENT Co., Ltd., Focus Asset Management Co., Ltd., Ace Susung New Technology Fund 6 and individual investor Lee, Moonjong for KRW 500,000,000 each. The bonds will mature on January 3, 2025. The bonds will carry no coupon rate and yield to maturity of 1%. The bonds are fully convertible into 2,496,878 common shares for 18.48 % stake in the company at KRW 4,005 per share. The conversion period will be from January 03, 2021 to Dec 03, 2024. The subscription date is January 2, 2020 and the payment date is January 3, 2020. The transaction has been approved by the board of directors of the company.
NEO TECHNICAL SYSTEM Co., Ltd. is a Korea-based company mainly engaged in the manufacture and distribution of micro bits. The Company operates in two main business divisions: micro bit division and shaft-related division. Its micro bit division produces micro bits, including router bits, which are used for cutting printed circuit boards (PCBs); end mills, which are consumable tools that used for grinding cut sections, and micro drill bits, which are used for drilling holes on PCBs. Its shaft-related division produces shafts, such as gear shafts for automobile power window motors, as well as related equipment and components. The Company distributes its products within domestic market and to overseas markets.
NEO TECHNICAL SYSTEM CO., LTD. 