Feelingk Co., Ltd announced that it expects to receive KRW 2.999999376 billion in funding from Gemvaxzio Co., Ltd.
April 05, 2020
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Feelingk Co., Ltd (KOSDAQ:A064800) announced a private placement of 3,355,704 common shares at a pirce of KRW 894 per share for gross proceeds of KRW 2,999,999,376 on April 6, 2020. The company will receive funding through third-party allotment of shares. The transaction will include participation from existing investor Gemvaxzio Co., Ltd. (KOSDAQ:A041590).
The shares issued will be subject to restriction period of one year. The transaction is expected to close on April 14, 2020. The transaction has been approved by board of directors of the company.
GemVaxLink Co Ltd, formerly Feelingk Co Ltd, is a Korea-based company mainly engaged in the sale of clothing miscellaneous goods. The Company operates its business through two segments. The Overseas Fashion Business segment sells apparel, fashion, miscellaneous goods, and luxury goods. The Wireless Internet Solution Business segment mainly develops wireless Internet solutions such as short message service center (SMSC) and long message service center (LMSC) systems, wireless application protocol (WAP) gateways and multimedia message service center (MMSC) systems, and other wireless Internet solutions such as ring back tone (RBT), unified messaging system (UMS) as well as wireless Internet platforms for interoperability (WIPI) globalization solutions under the brand name of Feelingk. The Company also involves in the management consulting and real estate rental business.