Senko Co., Ltd announced that it expects to receive KRW 25.000006875 billion in funding
March 30, 2021
Share
Senko Co., Ltd (KOSDAQ:A347000) announced a private placement of 578,035 redeemable convertible preferred shares at a price of KRW 21,625 for the gross proceeds of KRW 12,500,006,875 and round 1 non-guaranteed private equity convertible bonds for KRW 12,500,000,000 on March 31, 2021. The transaction will include participation from LB POSCO New Growth Private Equity Partnership. The company will raise the funds through third party allocation increase method. The preferred shares will be convertible into 578,035 registered common stock. The shareholders of this preferred stock have one voting right equal to common stock per share. In the case of conversion to common stock, common stocks after conversion have one voting right per share. Preferred stocks are participatory and cumulative preferred stocks, and the acquirer receives 1% of annual dividends accumulatively based on the issue price per share while holding the preferred stocks. In the event, the excess portion is paid by participating in the same dividend rate as common stock. The transaction has been approved by board of directors. The preferred shares will be issued at 10% discount rate. Preferred shares carry a hold period of one year. The maturity date of bonds is April 27, 2026 and is 100% convertible into 519,812 shares at a price of KRW 24,047 per share. The conversion period for bonds is from April 27, 2022 to March 27, 2026. The payment date for bonds is April 27, 2021.
As of April 26, 2021, the conversion request will start from April 28, 2022 to March 27, 2026.
Senko Co Ltd is a Korea-based company engaged in the development, manufacture and sale of electrochemical gas sensors and safety devices. The Company operates its business through three segments. The Sensor Device segment develops and produces indoor air quality measuring devices for Internet Of Things (IoT)-based atopy management, such as portable gas sensor devices, stationary gas sensor devices, smoking detectors, sensor-based breath IoT devices, and sensor-based home IoT devices. The Environmental Measuring Instrument segment develops outdoor air pollutant and fine dust measuring instruments. The Sensor Business segment produces and sells ultra-small, slim structure electrochemical gas sensors.