EOFlow to raise 2 billion won through convertible bonds

EOFlow said it will raise 2 billion won ($1.41 million) by issuing convertible bonds to Nextio Investment Association No. 7 for 2026 payroll and other operating expenses.

EOFlow said it chose Nextio Investment Association No. 7 after considering the investor's payment capacity and timing, as it sought funds needed for management.

Trading in the shares subject to conversion has been suspended since March 21, 2025, leaving no market price for setting the terms. EOFlow set the conversion price at 6,000 won per share after considering a valuation by Ichon Accounting and market conditions.

From next Sept. 9, bondholders can request conversion into 333,333 common shares, representing 0.8 percent of EOFlow's total shares.

The bonds carry a 0 percent coupon rate and a 5 percent interest rate at maturity. They mature on Sept. 8, 2056, and EOFlow can first exercise an early-redemption right on March 8, 2028.

Following the issue, outstanding equity-linked bonds will total 18 billion won ($12.7 million). Shares eligible for conversion under the instruments equal 7.6 percent of EOFlow's existing shares.