Paxnet Completes 10 Billion KRW Payment for 8th Round CB: "Smooth Fundraising, Improved Financial Soundness"

[Asia Economy Reporter Yoo Hyun-seok] Paxnet, a KOSDAQ-listed company, announced on the 21st that the payment of 10 billion KRW for the 8th series convertible bonds (CB) has been completed. The company plans to use 8 billion KRW of the total 10 billion KRW raised to repay debt.

Paxnet is currently conducting an additional third-party allotment capital increase worth 10 billion KRW targeting the Tiger Value partnership to raise funds for acquiring securities of other companies. Upon completion of this capital increase, the Tiger Value partnership will secure a total of 23.2% of Paxnet’s shares, becoming the largest shareholder. After the Tiger Value partnership completes the payment scheduled for the 29th, the listing of the new shares is planned for the 11th of next month.

The company expects that, with the CB funding completed today and the capital increase schedule progressing smoothly, noticeable improvements in overall business management will emerge in the future.

A Paxnet official stated, "The series of planned fundraising processes proceeded without any delay in payment schedules, and future schedules are also being pursued positively," adding, "As positive recent changes are occurring across company management and finance, including the change of the largest shareholder, we ask for continuous interest and support."

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