WFM, Inc. announced that it expects to receive KRW 10 billion in funding
December 12, 2018
Share
WFM, Inc. (KOSDAQ:A035290) announced a private placement of series 16 unregistered coupon unguaranteed private convertible bond for gross proceeds of KRW 10,000,000,000 on December 13, 2018. The transaction will include participation from new investor Fandom Partners Co., Ltd. The bonds will have a coupon rate and yield to maturity of 6%, maturity date of December 19, 2021, and will be 100% convertible into 3,403,675 registered common shares of the company, which represents 13.01% of the total number of shares, at a price of KRW 2,938 per share. Bonds will have a conversion period from December 19, 2019 to November 19, 2021. The company expects to close the transaction on December 19, 2018. The board of directors of the company has approved the transaction. The securities issued in the transaction are prohibited from conversion and share split for 1 year due to private placement issuance.
Gold&S Co Ltd, formerly WFM Inc, is a Korea-based company principally engaged in the education business. The Company operates its business through two segments. The Education segment is engaged in after-school school, educational publishing, online education service, and academy franchise business. The Non-educational segment operates businesses such as real estate leasing and others.