NewGLAB CO.,LTD announced that it expects to receive KRW 9.23 billion in funding
March 11, 2021
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NewGLAB CO.,LTD (KOSDAQ:A214870) announced a private placement of series 7 non-guaranteed private convertible bonds with bearer interest with for gross proceeds of KRW 9,230,000,000 on March 12, 2021. The transaction will include participation from Hyun-cheol Noh for KRW 3,230,000,000 and Seong-su Cho for KRW 6,000,000,000. The bonds are zero coupon bonds and bears fixed interest rate to maturity of 2%. The bonds will mature on March 22, 2024. The bonds are 100% convertible into 699,242 shares, representing 2.28%, at a fixed conversion price of KRW 13,200 per share. The conversion period starts from March 22, 2022 and ends on February 22, 2024. The subscription date is March 12, 2021 and the transaction is expected to close on March 22, 2021. The transaction has been approved by the company's board of directors. The bonds carry a hold period of one year.
NewGLab Pharma Co Ltd, formerly NewGLab Co Ltd, is a company mainly engaged in the manufacturing and sale of closed-circuit television (CCTV) cameras. The Company's product portfolio consists of general analog cameras that used for CCTVs, high definition (HD) analog cameras, HD-serial digital interface (SDI) cameras, extend (EX)-SDI cameras, internet protocol (IP) cameras that used for network CCTVs, digital video recorders (DVRs) that used for image storage devices, network video recorders (NVRs) and others. In addition, the Company is involved in the business of 5G smartphone distribution. The Company distributes its products within domestic market and to overseas markets.