[Edaily Reporter LEE YUN-JEONG ] MOCOMSYS(333050)(CEOs Kim In-soo and Yoon Young-ho), a company specializing in AI transformation, has proactively secured funding for research and development (R&D) and mergers and acquisitions (M&A) by issuing 5 billion won worth of private convertible bonds (CBs). These convertible bonds feature a nominal interest rate of 0% and a conversion price of 7,725 won—a 40% premium over the reference stock price—and are regarded as offering exceptional terms within the industry.
On the 14th, Innotena’s board of directors resolved to issue 5 billion won worth of its second series of bearer, non-callable, unsecured private placement convertible bonds. Subscription, payment, and issuance will take place on the 22nd, with participation from professional investment institutions that manage KOSDAQ Venture Funds and IPO funds. The funds raised will be prioritized for the company’s transition to cloud-native operations and R&D in the AX sector, and are also planned to be used as capital for M&A to strengthen business competitiveness.
The terms of this convertible bond (CB) issuance include a nominal interest rate and a maturity/early redemption yield of 0% per annum, which contrasts with the practice in the KOSDAQ market of typically applying interest and discount rates. The conversion price was set at 7,725 won, a 40% premium over the reference share price, and there is no repricing clause to lower the conversion price in the event of a decline in the stock price. Additionally, a call option covering up to 30% of the issue amount was established to limit the burden of equity dilution. The maturity date is September 22, 2031, and put options will be granted 24 months after issuance.
Industry observers interpret the fact that specialized asset management firms accepted these terms—which include no interest and no discount—as a sign of high confidence in Innotena’s corporate value. As of the second quarter, Innotena’s debt-to-equity ratio stood at 29.4% and its current ratio at 373%, indicating excellent financial stability. Following last year’s revenue of 29.9 billion won and operating profit of 1.9 billion won, the company has maintained a profitable trend in the first half of this year as well.
A company official explained, “This reflects the market’s assessment that the current stock price is undervalued relative to the company’s enterprise value, and it is a transaction that goes beyond mere fundraising to confirm the market’s confidence in us.”
CEO Kim In-soo stated, “Based on our ample capital reserves and stable cash flow, this funding round is a proactive preparation for major opportunities in R&D and M&A, rather than merely for working capital.” He added, “The fact that professional institutions accepted the issuance at a 40% premium signifies their agreement with our growth potential, and the management team will do its utmost to enhance the company’s intrinsic value and secure a valuation commensurate with it.”