Moda Inc. announced that it expects to receive KRW 110 billion in funding from Yello Mobile Inc.
January 14, 2018
Share
Moda Inc. (KOSDAQ:A149940) announced a private placement of 10,474,860 shares at a price of KRW 7,160 per share for gross proceeds of KRW 74,999,997,600 and unregistered coupon unguaranteed private convertible bonds for gross proceeds of KRW 30,000,000,000 for total proceeds of KRW 104,999,997,600 on January 15, 2018. The transaction will include participation from Yello Mobile Inc. and Daishin PEI 1st Co., Ltd. for bond. The bonds will be issued at par and will mature on March 27, 2021. The bonds will bear yield to maturity of 4% per annum. The bonds are convertible into 3,455,027 common shares of the company at a fixed conversion price of KRW 8,683 per share. The subscription date of the transaction and payment date of the transaction is January 17, 2018 and March 27, 2018 respectively. The conversion period will start on March 27, 2019 and will end on February 27, 2021. The transaction has been approved by the board of directors of the company. The shares will be issued at a premium. The shares will be issued through third party allotment method and will be subject to a lock up period of one year. Post the closing of the transaction, the number of shares will increase from 19,086,234 to 29,561,094. The payment date is March 27, 2018. The transaction has been approved by the board of directors of the company.
Moda Inc., formerly Modacom Co., Ltd. is a Korea-based company mainly engaged in the manufacture of wireless communication equipment. The Company produces wireless data communication terminals, including long term evolution (LTE) products, wireless broadband (WiBro) mobile routers, Wibro customer premise equipment (CPE), WirBro universal serial bus (USB) dongles, WiBro machine to machine (M2M) modules, WiBro express cards and others. It also engages in the development of software. The Company distributes its products within domestic market and to overseas markets.