ITEK, Inc. (KOSDAQ:A119830) announced that it will issue series 2 non-guaranteed unsecured private equity convertible bonds for gross proceeds of KRW 11,500,000,000 on July 6, 2020. The bonds carry a coupon rate of 1%and 1% of interest rate. The bonds will mature on July 15, 2023. The bonds are fully convertible into 1,894,875 shares representing 17.31% stake at a fixed conversion price of KRW 6,069 each starting from July 15, 2021 till June 15, 2023. The transaction will include participation from new investor Karnia Investment Association for KRW 7,000,000,000, Woomisun for KRW 1,500,000,000 and returning investor Portland Asia Co.,Ltd. for KRW 3,000,000,000. The subscription date is July 06, 2020 and expected payment date is July 15, 2020. The transaction has been approved by the board of directors of the company.