Soosung Innovation Co., Ltd. announced that it expects to receive KRW 7 billion in funding from Sangsangin Savings Bank, Sangsangin Plus Savings Bank Co.,Ltd.
November 17, 2021
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Soosung Innovation Co., Ltd. announced a private placement of round 19 Unregistered coupon non-guaranteed private convertible bonds for gross proceeds of KRW 7,000,000,000 on November 18, 2021. The transaction will include participation from returning investor Sangsangin Plus Savings Bank Co.,Ltd. for KRW 2,000,000,000 and returning investor Sangsangin Savings Bank for KRW 5,000,000,000. The bonds carry coupon rate of 2% per annum and yield to maturity of 5% per annum. The bonds are issued at par and will mature on January 28, 2025. The company are 100% convertible into 4,209,260 common shares at a conversion price of KRW 1,663 per share from January 28, 2023 to December 28, 2024. The transaction has been approved by the board of directors of the company. The bonds are subject to a hold period of one year. The subscription date is on November 22, 2021 and the payment date is on January 28, 2022.
Soosung Webtoon Co Ltd, formerly Soosung Salvacion Co Ltd, is a Korea-based company principally engaged in the manufacture and distribution of industrial trucks and transfer machines. The Companyâs products include electric forklift trucks, scissors lifts, personnel lifts, platform trucks, pallet trucks, stackers, drum handling equipment, lift tables, dock levelers, golf cars, utility cars, diesel forklift trucks and other related products. The Company distributes its products within domestic market and to the overseas markets, including America, Europe, Africa and Oceania, among others.
Soosung Innovation Co., Ltd. announced that it expects to receive KRW 7 billion in funding from Sangsangin Savings Bank, Sangsangin Plus Savings Bank Co.,Ltd.
SOOSUNG WEBTOON CO., LTD. 
