PonyLink Issues 15.3 Billion Won in Convertible Bonds

PonyLink announced on the 15th that the underwriter and issuance scale have changed regarding the plan to issue the 16th convertible bonds.

PonyLink held a board meeting the previous day and resolved to issue convertible bonds totaling 15.3 billion KRW. The original underwriter, Hong Kong Pony AI, was replaced by the parent company Pony.ai, which recently got listed on NASDAQ, investing directly.

The payment date remains the same, and the raised funds will be used for new business and operating expenses.

An official stated, "What should be noted is that the investor Pony.ai raised 430 million USD (approximately 620 billion KRW) through a private placement conducted simultaneously with its NASDAQ listing last year," adding, "Based on its abundant financial resources, it is investing directly in PonyLink."

PonyLink and Pony.ai are jointly promoting an autonomous vehicle pilot program in Korea. Pony.ai provides unmanned autonomous taxi (robotaxi) services overseas based on industry-leading Level 4 (high automation) autonomous driving technology.

PonyLink recently obtained temporary operation permission for autonomous vehicles from the Ministry of Land, Infrastructure and Transport. It is preparing for pilot operations in the Bundang area of Seongnam City and the Seoul autonomous vehicle pilot zone.

A PonyLink official said, "The issuance scale was partially reduced from the original amount at the request of the subscriber," and added, "The fact that our business partner Pony.ai is investing directly will be an important stepping stone for long-term growth and strengthening competitiveness."