Seohwa Telecom Co. announced that it expects to receive KRW 21.62 billion in funding from Soul Bay Korea CO., Ltd., Earn Wide International Limited, and another investor
March 02, 2017
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Seohwa Telecom Co. (KOSDAQ:A033790) announced a private placement of 5,705,700 shares at a price of KRW 3,790 per share for gross proceeds of KRW 21,624,603,000 on March 3, 2017. The shares will be issued through third party allotment. The transaction is expected to close on May 16, 2017. The shares will be listed on May 31, 2017. The transaction has been approved by the board of directors of the company. The shares being issued have a par value of KRW 500 per share. The shares are subject to 12 months lock up period from the date of issue. The transaction will include participation from new investors Earn Wide International Limited for 4,655,700 shares, Gain Bravo International Limited for 750,000 shares, and Soul Bay Korea CO., Ltd. for 300,000 shares.
Skymoons Technology, Inc., formerly Seohwa, Inc., is a Korea-based company engaged in the manufacturing of communications equipment. The Companyâs products portfolio consists of communication repeaters, such as code division multiple access (CDMA) repeaters, wideband CDMA (WCDMA) repeaters, wireless broadband (WiBro) repeaters, dual band repeaters, triple band repeaters, satellite digital multimedia broadcasting repeaters, in-home patch repeaters and others used to improve speech quality; information technology (IT) products, including notebooks, projectors, media players, wireless fidelity (WiFi) phones, as well as other products, such as light panels. The Company also involves in the provision of repeaters maintenance services.
Seohwa Telecom Co. announced that it expects to receive KRW 21.62 billion in funding from Soul Bay Korea CO., Ltd., Earn Wide International Limited, and another investor
SKYMOONS TECHNOLOGY, INC. 
