Ray Co., Ltd. announced that it expects to receive KRW 31.5 billion in funding
April 19, 2021
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Ray Co., Ltd. (KOSDAQ:A228670) announced a private placement of series 1 non-guaranteed private equity convertible bonds for gross proceeds of KRW 31,500,000,000 on April 20, 2021. The transaction will involve participation from Future Healthcare New Technology Fund for KRW 10,000,000,000, Solon-Lifecore New Technology Association No. 2 for KRW 4,500,000,000, Hanyang-Cats MD New Technology Fund for 3,000,000,000 shares, IBKS Job Dream Fund for KRW 1,000,000,000, and various funds for KRW 13,000,000,000. The bonds will have zero coupon rate, yield to maturity rate of 0%, will mature on April 22, 2026, and will be fully convertible into 553,328 common shares, representing 8.32% stake, at a fixed conversion price of KRW 56.928 per share from April 22, 2022 to March 22, 2021. The subscription date of bonds and the payment date of bonds is April 22, 2021. The transaction was approved by the board of directors of the company. The bonds will have a hold period of one year post the closing.
Ray Co.,Ltd is a Korea-based company mainly engaged in the development, production and distribution of dental imaging medical devices. Along with its subsidiaries, the Company manufactures and sells digital diagnostic systems and digital therapy solution products. Digital diagnostic systems include dental radiography equipments such as x-ray systems and cone beam computed tomography (CBCT) systems. Digital therapy solutions include three dimensional (3D) scanning, dental computer aided design (CAD), and 3D printers used in prosthodontics, orthodontics, and implant surgery. The Company distributes its products within domestic market and to overseas markets.
RAY CO., LTD. 
