Powernet Technologies Corporation (KOSDAQ:A037030) announced a private placement of series 10 unregistered nonguaranteed private convertible bond for a gross proceeds of KRW 10,000,000,000 on May 6, 2021. The transaction will include participation from Vidente Co., Ltd. (KOSDAQ:A121800). The bonds carry a coupon rate of 2% and yield to maturity of 2%.

The bonds will mature on May 7, 2026. The bonds will be 100% converted into 1,694,915 common shares at a fixed conversion price of KRW 5,900 per share for an equity stake of 10.27%. The conversion period is from May 7, 2022 to April 7, 2026.

The subscription date and payment date of the transaction is May 7, 2021. The securities issued in the transaction are subject to a lock up period of one year. The transaction has been approved by the board of directors of the company.