Solco Biomedical Co., Ltd. announced that it expects to receive KRW 13 billion in funding from MDS Intelligence Inc.
March 13, 2024
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Solco Biomedical Co., Ltd. announced a private placemeny to issue Series 14 Bearer-Bearing Interest-Bearing, Unsecured Private Convertible Bonds for the gross proceeds of KRW 7,000,000,000 and 12,000,000 common shares at an issue price of KRW 500 per share for the gross proceeds of KRW 6,000,000,000; aggregate gross proceeds of KRW 13,000,000,000 on March 14, 2024, The transaction will include participation from new investor MDS Intelligence Inc. for KRW 7,000,000,000. The transaction has been approved by the shareholders of the company is expected to close on March 14, 2024. The bonds are 100% convertible into 13,592,233 shares at a fixed conversion price of KRW 515 from March 14, 2025 to February 14, 2027. The bonds bear 3% coupon rate and 5% maturity rate and matures on March 14, 2027. The securities are restricted to a hold period and is expected to close on March 14, 2024.
12,000,000 common shares - The transaction will include participation from new investor MDS Intelligence Inc. for 12,000,000 shares. The securities are restricted to a hold period. The transaction of common shares is expected to close on April 12, 2024.
Solco Biomedical Co., Ltd. is a Korea-based company mainly engaged in the manufacture of medical equipment and healthcare products. The Company operates its business through two divisions: medical equipment division, which produces implants used in trauma, spine, hip joints and knee joints, and surgical instruments and disposable appliances, such as forceps, scissors, needle holders, hemostatic forceps, intestinal forceps, retractors, hooks, trocars, suction tubes, mouth gags, vein strippers, probes and other products, and healthcare division, which produces household therapy equipment, such as heating mats, water ionizers, air cleaners and others. The Company distributes its products within domestic market and to overseas markets.
SOLCO BIOMEDICAL CO., LTD. 
