Prostemics Co., Ltd. announced that it expects to receive KRW 23 billion in funding from Spear Power Association
On the same date, the company announced a private placement of series 8 unsecured privately placed convertible bonds with bearer interest for gross proceeds of KRW 3,000,000,000. The transaction will include participation from Capstone Asset Investment Fund. The bonds have a coupon rate and yield to maturity rate of 3% each, maturing on July 12, 2026. The bonds will be fully convertible into 772,002 common shares at an issue conversion price of KRW 3,886 per share between the period starting from July 12, 2024 and ending on June 12, 2026. The transaction has been approved by board of directors of the company. The expected date of payment is July 12, 2023. The securities have a hold period of one year.