Cube&Company Co., Ltd. announced that it expects to receive KRW 12.49999978 billion in funding from CHOROKBAEM COMPANY Co., Ltd.
March 28, 2021
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Cube&Company Co., Ltd. announced a private placement of round 17 unregistered coupon nonguaranteed private convertible bonds for proceeds of KRW 7,500,000,000 and 2,566,735 common shares at an issue price of KRW 1,948 per share for gross proceeds of KRW 4,999,999,780, thereby raising aggregate proceeds of KRW 12,499,999,780 on March 29, 2021. The transaction will involve participation from returning investor CHOROKBAEM COMPANY Co., Ltd. The bonds are 100% convertible into 3,201,024 shares representing 8.94% stake at a conversion price of KRW 2,343 per share from May 31, 2022 to April 30, 2026. The bonds has a coupon rate of 3% and interest rate to maturity of 3%. The maturity date of bonds is May 31, 2026. The shares have face value of KRW 500 and will be issued at a premium. The shares issued in the transaction will have a hold period of 12 months from the date of issuance. The company will issue shares through third-party allotment method. Post the closing, the total number of shares issued by the company will increase from 32,590,313 shares to 35,157,048 shares. The payment date of shares is April 9, 2021 and payment date of bonds is May 31, 2021. The shares will be listed on April 23, 2021. The transaction has been approved by the board of directors of the company.
The Technology Co Ltd, formerly Exergy21 Co Ltd, is a Korea-based company mainly engaged in the distribution business. The Company manly operates its business through four segments. The Distribution Business segment engages in the food processors, luxury goods, healthy food, kitchen appliances and home shopping goods distribution business. The PM business segment provides consulting services for real estate development, licensing, and contractor selection. The Pharmaceutical segment engages in ethanol and disinfectant manufacture business. The Other segment provides business support services. The Company also engages in information technology (IT) services, artificial intelligence (AI) and drone based security solutions, as well as heat pump system provision business.