Ate1, Decides to Issue Convertible Bonds Worth 10 Billion Won
[Asia Economy Reporter Jang Hyowon] EightOne announced on the 5th that it has decided to issue privately placed convertible bonds (CB) worth 10 billion KRW. The funds will be used for 4 billion KRW in operating capital and 6 billion KRW for acquiring securities of other corporations.
The bondholders are Spinel New Technology Association No. 34 and Starters New Technology Association No. 35.
The coupon rate and maturity interest rate are 2% and 4%, respectively, with the bond maturity set for April 16, 2024. The conversion price is 7,642 KRW, and the number of shares to be issued upon conversion is 1,308,557 shares, representing 6.35% of the total shares outstanding. The conversion request period is from April 16, 2022, to March 16, 2024.
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The company stated, “Approximately 6 billion KRW will be used to acquire promising securities of other corporations with technological capabilities as a diversification strategy related to AI (Artificial Intelligence) and XR (Extended Reality) new businesses and business area expansion. Additionally, 4 billion KRW will be used as operating capital related to management activities that the company is independently conducting for AI and XR new businesses and business area expansion.”
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