{"id":1438,"date":"2026-07-07T20:43:27","date_gmt":"2026-07-07T20:43:27","guid":{"rendered":"https:\/\/atlaw.kr\/en-blog\/?p=1438"},"modified":"2026-07-07T20:45:25","modified_gmt":"2026-07-07T20:45:25","slug":"venture-bw-agreement-guide-south-korea","status":"publish","type":"post","link":"https:\/\/atlaw.kr\/en-blog\/venture-bw-agreement-guide-south-korea\/","title":{"rendered":"Bond with Warrant (BW) Investment Agreements in South Korea"},"content":{"rendered":"<p><!-- ATLAS_HREFLANG_START -->\n<link rel=\"alternate\" hreflang=\"ko\" href=\"https:\/\/atlaw.kr\/kr-blog\/venture-bw-agreement-guide-kr\/\" \/>\n<link rel=\"alternate\" hreflang=\"en\" href=\"https:\/\/atlaw.kr\/en-blog\/venture-bw-agreement-guide-south-korea\/\" \/>\n<link rel=\"alternate\" hreflang=\"x-default\" href=\"https:\/\/atlaw.kr\/kr-blog\/venture-bw-agreement-guide-kr\/\" \/>\n<!-- ATLAS_HREFLANG_END --><\/p>\n<style>@import url('https:\/\/cdn.jsdelivr.net\/gh\/orioncactus\/pretendard@v1.3.9\/dist\/web\/static\/pretendard.css'); 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} .dl-btn { font-size:13px; padding:8px 14px; } .dl-head { padding:16px 16px; } .series-box { padding:18px 16px; } .author-box { display:block; overflow:hidden; } .author-avatar { float:left; width:36px; height:36px; margin-right:10px; } .author-section-label { display:inline; font-size:11px; letter-spacing:0; margin:0 3px 0 0; } .author-name { display:inline; font-size:14px; } .author-detail { clear:both; font-size:13px; line-height:1.55; margin-top:8px; } .author-link { clear:both; display:block; font-size:13px; margin-top:8px; } p.closing { font-size:14px; } }<\/style>\n<p><!-- ATLAS_SEO_BLOCK_START --><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"Article\",\"@id\":\"https:\/\/atlaw.kr\/en-blog\/venture-bw-agreement-guide-south-korea\/#article\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"https:\/\/atlaw.kr\/en-blog\/venture-bw-agreement-guide-south-korea\/#webpage\"},\"headline\":\"Bond with Warrant (BW) Investment Agreements in South Korea\",\"description\":\"A guide to the bond with warrant (BW) investment agreement in South Korea \u2014 how it differs from a CB, detachable vs. non-detachable, the warrant exercise price, and founder cautions.\",\"datePublished\":\"2026-07-08T09:00:00+09:00\",\"dateModified\":\"2026-07-08T09:00:00+09:00\",\"inLanguage\":\"en-US\",\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/atlaw.kr\/taejin-kim\/#person\",\"name\":\"Taejin Kim\",\"alternateName\":\"\uae40\ud0dc\uc9c4\",\"jobTitle\":\"Managing Partner\",\"worksFor\":{\"@id\":\"https:\/\/atlaw.kr\/#legalservice\"}},\"publisher\":{\"@type\":\"LegalService\",\"@id\":\"https:\/\/atlaw.kr\/#legalservice\",\"name\":\"Atlas Legal\",\"url\":\"https:\/\/atlaw.kr\"},\"about\":[\"bond with warrant (BW) investment agreement in South Korea\",\"Korean Commercial Act Article 516-2 bonds with warrants\",\"detachable versus non-detachable warrant\",\"warrant exercise price\"]}<\/script><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"@id\":\"https:\/\/atlaw.kr\/en-blog\/venture-bw-agreement-guide-south-korea\/#faqpage\",\"inLanguage\":\"en-US\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"What is the biggest difference between a bond with warrant (BW) and a convertible bond (CB)?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"A convertible bond is extinguished on conversion, whereas a bond with warrant keeps the bond in place when the warrant is exercised, and the investor additionally pays a subscription amount for the new shares.\"}},{\"@type\":\"Question\",\"name\":\"What is the difference between detachable and non-detachable?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"A detachable warrant can be separated from the bond and transferred or traded on its own; 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This is separate from convertible bonds (Article 513 et seq.).\"}},{\"@type\":\"Question\",\"name\":\"Does exercising the warrant bring funds into the company?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Yes. On exercise the investor pays for the new shares, bringing additional funds into the company. This differs where a payment-in-kind arrangement (applying the bond in lieu of payment) is agreed.\"}},{\"@type\":\"Question\",\"name\":\"What contract does a BW investment require?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"A Bond with Warrant Investment Agreement is used. You can download the 2026 revised KVCA standard form below; review and tailoring to the deal are needed.\"}}]}<\/script><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":[\"LegalService\",\"LocalBusiness\"],\"@id\":\"https:\/\/atlaw.kr\/#legalservice\",\"name\":\"Atlas Legal\",\"alternateName\":[\"\ubc95\ubb34\ubc95\uc778 \uc544\ud2c0\ub77c\uc2a4\",\"Atlas Law Firm\"],\"url\":\"https:\/\/atlaw.kr\/en\/home-en\/\",\"telephone\":\"+82-32-864-8300\",\"email\":\"info@atlaw.kr\",\"priceRange\":\"$$$\",\"address\":{\"@type\":\"PostalAddress\",\"streetAddress\":\"B-2901, 323 Incheon Tower-daero\",\"addressLocality\":\"Yeonsu-gu, Incheon\",\"addressRegion\":\"Incheon Metropolitan City\",\"postalCode\":\"22007\",\"addressCountry\":\"KR\"},\"geo\":{\"@type\":\"GeoCoordinates\",\"latitude\":37.399438,\"longitude\":126.629812},\"openingHoursSpecification\":[{\"@type\":\"OpeningHoursSpecification\",\"dayOfWeek\":[\"Monday\",\"Tuesday\",\"Wednesday\",\"Thursday\",\"Friday\"],\"opens\":\"09:00\",\"closes\":\"18:00\"}],\"areaServed\":[{\"@type\":\"Country\",\"name\":\"South Korea\"},{\"@type\":\"Place\",\"name\":\"Songdo International Business District\"},{\"@type\":\"Place\",\"name\":\"Cheongna International City\"},{\"@type\":\"Place\",\"name\":\"Yeongjong International City\"},{\"@type\":\"Place\",\"name\":\"Incheon\"},{\"@type\":\"Place\",\"name\":\"Seoul Metropolitan Area\"},{\"@type\":\"Place\",\"name\":\"Incheon Free Economic Zone (IFEZ)\"}],\"knowsAbout\":[\"Venture Investment Contracts in South Korea\",\"KVCA Standard Investment Agreements in South Korea\",\"Convertible Preferred Stock (RCPS\/CPS) under Korean law\",\"Convertible Bonds and Bonds with Warrants in South Korea\",\"Shareholders Agreements in South Korea\",\"Startup Financing Legal Services in South Korea\"],\"serviceType\":[\"Venture Investment Contract Review\",\"Shareholders Agreement Negotiation\",\"Startup and Founder Legal Counsel\",\"Foreign Direct Investment Legal Services\",\"Corporate Counseling\"]}<\/script><!-- ATLAS_SEO_BLOCK_END --><\/p>\n<div class=\"hero\">\n<span class=\"category-tag\">Corporate Counseling \u00b7 Venture Investment<\/span><\/p>\n<div class=\"hero-title\">Bond with Warrant (BW)<br \/>Investment Agreements in South Korea<\/div>\n<div class=\"hero-meta\">\n<div class=\"hero-info\"><strong>Taejin Kim<\/strong> \u00b7 Managing Partner, Atlas Legal<br \/>Based on the Korea Venture Capital Association (KVCA) standard contracts, revised April 2026<\/div>\n<\/div>\n<\/div>\n<div class=\"content\">\n<div class=\"direct-answer\"><strong>Quick answer:<\/strong> A bond with warrant (BW) is a security in which a <strong>bond carries a right to subscribe for new shares (a warrant)<\/strong> (Korean Commercial Act Article 516-2). Unlike a convertible bond (CB), exercising the warrant leaves the <strong>bond in place and requires a separate additional payment<\/strong> for the shares. The detachable\/non-detachable distinction and the exercise price are key.<\/div>\n<div class=\"toc-nav\">\n<p class=\"toc-label\">Contents<\/p>\n<ol>\n<li><a href=\"#sec-1\">1. What is a bond with warrant (BW)?<\/a><\/li>\n<li><a href=\"#sec-2\">2. How does it differ from a convertible bond (CB)?<\/a><\/li>\n<li><a href=\"#sec-3\">3. What is the difference between detachable and non-detachable?<\/a><\/li>\n<li><a href=\"#sec-4\">4. What are the key terms of a BW investment agreement?<\/a><\/li>\n<li><a href=\"#sec-5\">5. What should founders watch?<\/a><\/li>\n<li><a href=\"#sec-dl\">Download the BW contract<\/a><\/li>\n<li><a href=\"#sec-faq\">Frequently Asked Questions<\/a><\/li>\n<\/ol>\n<\/div>\n<p class=\"lead-text\">A bond with warrant is often confused with a convertible bond, but the decisive split is whether the bond disappears or remains.<\/p>\n<p class=\"context-text\">A convertible bond (CB) is extinguished on conversion and becomes stock. A bond with warrant (BW), by contrast, keeps the bond in place when the warrant is exercised, and the investor additionally pays to subscribe for new shares. This difference has different effects on the company&#8217;s cash flow and cap table. This article covers the structure of a BW, the key contract terms, and founder cautions, with the 2026 revised KVCA standard form available below.<\/p>\n<div class=\"series-box\">\n<div class=\"s-label\">Venture Investment Standard Contracts Series<\/div>\n<ol>\n<li><a href=\"https:\/\/atlaw.kr\/en-blog\/venture-standard-contract-2026-changes-south-korea\/\">2026 Amendments: What Changed<\/a><\/li>\n<li><a href=\"https:\/\/atlaw.kr\/en-blog\/venture-cps-agreement-guide-south-korea\/\">Convertible Preferred Stock (CPS) Agreements<\/a><\/li>\n<li><a href=\"https:\/\/atlaw.kr\/en-blog\/venture-rcps-agreement-guide-south-korea\/\">Redeemable CPS (RCPS) Agreements<\/a><\/li>\n<li><a href=\"https:\/\/atlaw.kr\/en-blog\/venture-common-stock-agreement-guide-south-korea\/\">Common Stock Agreements<\/a><\/li>\n<li><a href=\"https:\/\/atlaw.kr\/en-blog\/venture-cb-agreement-guide-south-korea\/\">Convertible Bond (CB) Agreement<\/a><\/li>\n<li class=\"cur\">Bond with Warrant (BW) Agreement (this article)<\/li>\n<li><a href=\"https:\/\/atlaw.kr\/en-blog\/venture-refixing-conversion-price-adjustment-south-korea\/\">[In depth] Refixing (Conversion Price Adjustment)<\/a><\/li>\n<\/ol>\n<\/div>\n<p><\/p>\n<h2 id=\"sec-1\">1. What is a bond with warrant (BW)?<\/h2>\n<p>A bond with warrant (BW) is a security in which a <strong>bond issued by the company carries a right to subscribe for new shares (a warrant)<\/strong>. Article 516-2 and following of the Korean Commercial Act are the governing provisions.<\/p>\n<p>The investor receives interest as a bondholder and, as the company grows, may exercise the warrant to subscribe for new shares at a preset price. Like a convertible bond, it is a mezzanine-type investment that combines the safety of a bond with the upside of equity.<\/p>\n<p><\/p>\n<h2 id=\"sec-2\">2. How does it differ from a convertible bond (CB)?<\/h2>\n<p>The decisive difference is <strong>whether the bond remains after the right is exercised<\/strong>. A convertible bond is extinguished on conversion, whereas a bond with warrant keeps the bond in place when the warrant is exercised. And the investor must <strong>pay a separate subscription amount<\/strong> for the new shares.<\/p>\n<table>\n<thead>\n<tr>\n<th>Category<\/th>\n<th>Convertible bond (CB)<\/th>\n<th>Bond with warrant (BW)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Nature of the right<\/td>\n<td>Convert the bond into stock<\/td>\n<td>A right to subscribe for new shares (warrant)<\/td>\n<\/tr>\n<tr>\n<td>Bond after exercise<\/td>\n<td>Extinguished<\/td>\n<td>Remains (non-detachable allows payment-in-kind)<\/td>\n<\/tr>\n<tr>\n<td>Additional funding<\/td>\n<td>None (conversion)<\/td>\n<td>Yes (payment for new shares)<\/td>\n<\/tr>\n<tr>\n<td>Governing provision<\/td>\n<td>Commercial Act Article 513 et seq.<\/td>\n<td>Commercial Act Article 516-2 et seq.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><\/p>\n<h2 id=\"sec-3\">3. What is the difference between detachable and non-detachable?<\/h2>\n<p>Bonds with warrants are distinguished by <strong>whether the warrant can be transferred separately from the bond<\/strong>.<\/p>\n<ul>\n<li><strong>Detachable<\/strong> \u2014 the warrant can be separated from the bond and transferred or traded on its own.<\/li>\n<li><strong>Non-detachable<\/strong> \u2014 the warrant is combined with the bond and cannot be transferred separately.<\/li>\n<\/ul>\n<p>Because a detachable warrant can circulate on its own, its effect on the cap table and the management points differ. Confirm in the contract which type it is, and whether the warrant is exercised by paying cash or by applying the bond in lieu of payment (payment-in-kind).<\/p>\n<p><\/p>\n<h2 id=\"sec-4\">4. What are the key terms of a BW investment agreement?<\/h2>\n<p>In a BW investment agreement, confirm the basic bond terms together with the warrant exercise terms.<\/p>\n<table>\n<thead>\n<tr>\n<th>Term<\/th>\n<th>Content<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Maturity \/ coupon<\/td>\n<td>The bond&#8217;s repayment maturity and interest rate<\/td>\n<\/tr>\n<tr>\n<td>Warrant exercise price<\/td>\n<td>The per-share price to subscribe for new shares on exercise<\/td>\n<\/tr>\n<tr>\n<td>Exercise period<\/td>\n<td>The period during which the warrant may be exercised<\/td>\n<\/tr>\n<tr>\n<td>Detachable \/ payment-in-kind<\/td>\n<td>Whether the warrant is separately transferable, and whether the bond may be applied in lieu of the subscription payment<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>If there is an exercise price adjustment (refixing) clause, the exercise price may fall with a later round, further diluting the founder. <a href=\"https:\/\/atlaw.kr\/en-blog\/venture-refixing-conversion-price-adjustment-south-korea\/\" style=\"color:#722f37;font-weight:600;\">\u25b6 See the methods, math, and regulation of refixing in the dedicated in-depth article<\/a>.<\/p>\n<p><\/p>\n<h2 id=\"sec-5\">5. What should founders watch?<\/h2>\n<p>Because the bond remains, a BW leaves the <strong>maturity repayment obligation in place<\/strong>. If the structure is one where exercising the warrant does not immediately extinguish the bond (detachable), the company can bear both a repayment burden and dilution at the same time.<\/p>\n<p>In addition, the <strong>exercise price, the scope of refixing, and whether it is detachable<\/strong> have a large effect on the cap table, so confirm them before signing. Also check whether the interested party&#8217;s (founder&#8217;s) joint-and-several liability is combined. Atlas Legal analyzes both the bond burden and the warrant&#8217;s equity impact at the BW issuance stage and reviews each clause.<\/p>\n<div class=\"dl-wrap\" id=\"sec-dl\">\n<div class=\"dl-head\">\n<div class=\"dl-t\">Download the 2026 KVCA Standard Venture Investment Contracts<\/div>\n<div class=\"dl-s\">Source: Korea Venture Capital Association (KVCA), revised April 2026 \u00b7 Word (.docx) format \u00b7 Korean-language documents<\/div>\n<\/div>\n<div class=\"dl-primary\">\n<div class=\"dl-plabel\">Contracts covered in this article<\/div>\n<div class=\"dl-item\">\n<div class=\"dl-ic\">DOCX<\/div>\n<div class=\"dl-meta\">\n<div class=\"dl-name\">Bond with Warrant (BW) Investment Agreement<\/div>\n<div class=\"dl-sub\">For a bond-with-warrant investment<\/div>\n<\/div>\n<p><a class=\"dl-btn\" href=\"https:\/\/atlaw.kr\/kr-blog\/wp-content\/uploads\/sites\/2\/2026\/07\/atlas-bw-investment-agreement.docx\" download=\"Bond with Warrant Investment Agreement (KVCA 2026).docx\">Download<\/a><\/div>\n<\/div>\n<div class=\"dl-list\">\n<div class=\"dl-alllabel\">All 8 standard contracts (2026 revision)<\/div>\n<div class=\"dl-item\">\n<div class=\"dl-ic\">DOCX<\/div>\n<div class=\"dl-meta\">\n<div class=\"dl-name\">Convertible Preferred Stock (CPS) Investment Agreement (SPA)<\/div>\n<div class=\"dl-sub\">For executing a CPS investment<\/div>\n<\/div>\n<p><a class=\"dl-btn\" href=\"https:\/\/atlaw.kr\/kr-blog\/wp-content\/uploads\/sites\/2\/2026\/07\/atlas-cps-investment-agreement.docx\" download=\"Convertible Preferred Stock Investment Agreement (KVCA 2026).docx\">Download<\/a><\/div>\n<div class=\"dl-item\">\n<div class=\"dl-ic\">DOCX<\/div>\n<div class=\"dl-meta\">\n<div class=\"dl-name\">CPS Shareholders Agreement (SHA)<\/div>\n<div class=\"dl-sub\">For post-investment shareholder relations<\/div>\n<\/div>\n<p><a class=\"dl-btn\" href=\"https:\/\/atlaw.kr\/kr-blog\/wp-content\/uploads\/sites\/2\/2026\/07\/atlas-cps-shareholders-agreement.docx\" download=\"Convertible Preferred Stock Shareholders Agreement (KVCA 2026).docx\">Download<\/a><\/div>\n<div class=\"dl-item\">\n<div class=\"dl-ic\">DOCX<\/div>\n<div class=\"dl-meta\">\n<div class=\"dl-name\">Redeemable CPS (RCPS) Investment Agreement (SPA)<\/div>\n<div class=\"dl-sub\">For executing an RCPS investment<\/div>\n<\/div>\n<p><a class=\"dl-btn\" href=\"https:\/\/atlaw.kr\/kr-blog\/wp-content\/uploads\/sites\/2\/2026\/07\/atlas-rcps-investment-agreement.docx\" download=\"Redeemable Convertible Preferred Stock Investment Agreement (KVCA 2026).docx\">Download<\/a><\/div>\n<div class=\"dl-item\">\n<div class=\"dl-ic\">DOCX<\/div>\n<div class=\"dl-meta\">\n<div class=\"dl-name\">RCPS Shareholders Agreement (SHA)<\/div>\n<div class=\"dl-sub\">For post-investment shareholder relations<\/div>\n<\/div>\n<p><a class=\"dl-btn\" href=\"https:\/\/atlaw.kr\/kr-blog\/wp-content\/uploads\/sites\/2\/2026\/07\/atlas-rcps-shareholders-agreement.docx\" download=\"Redeemable Convertible Preferred Stock Shareholders Agreement (KVCA 2026).docx\">Download<\/a><\/div>\n<div class=\"dl-item\">\n<div class=\"dl-ic\">DOCX<\/div>\n<div class=\"dl-meta\">\n<div class=\"dl-name\">Common Stock Investment Agreement (SPA)<\/div>\n<div class=\"dl-sub\">For executing a common stock investment<\/div>\n<\/div>\n<p><a class=\"dl-btn\" href=\"https:\/\/atlaw.kr\/kr-blog\/wp-content\/uploads\/sites\/2\/2026\/07\/atlas-common-stock-investment-agreement.docx\" download=\"Common Stock Investment Agreement (KVCA 2026).docx\">Download<\/a><\/div>\n<div class=\"dl-item\">\n<div class=\"dl-ic\">DOCX<\/div>\n<div class=\"dl-meta\">\n<div class=\"dl-name\">Common Stock Shareholders Agreement (SHA)<\/div>\n<div class=\"dl-sub\">For post-investment shareholder relations<\/div>\n<\/div>\n<p><a class=\"dl-btn\" href=\"https:\/\/atlaw.kr\/kr-blog\/wp-content\/uploads\/sites\/2\/2026\/07\/atlas-common-stock-shareholders-agreement.docx\" download=\"Common Stock Shareholders Agreement (KVCA 2026).docx\">Download<\/a><\/div>\n<div class=\"dl-item\">\n<div class=\"dl-ic\">DOCX<\/div>\n<div class=\"dl-meta\">\n<div class=\"dl-name\">Convertible Bond (CB) Investment Agreement<\/div>\n<div class=\"dl-sub\">For a convertible bond investment<\/div>\n<\/div>\n<p><a class=\"dl-btn\" href=\"https:\/\/atlaw.kr\/kr-blog\/wp-content\/uploads\/sites\/2\/2026\/07\/atlas-cb-investment-agreement.docx\" download=\"Convertible Bond Investment Agreement (KVCA 2026).docx\">Download<\/a><\/div>\n<\/div>\n<p class=\"dl-note\">These files are the standard contract forms distributed by the Korea Venture Capital Association (KVCA), revised April 2026. The documents are in Korean. Actual transactions require review and tailoring to the specifics of each deal; these materials are provided as reference forms and do not constitute legal advice on any particular matter.<\/p>\n<\/div>\n<p><\/p>\n<h2 id=\"sec-faq\">Frequently Asked Questions<\/h2>\n<div class=\"faq-item\">\n<p class=\"faq-q\">Q. What is the biggest difference between a bond with warrant (BW) and a convertible bond (CB)?<\/p>\n<p>A. A convertible bond is extinguished on conversion, whereas a bond with warrant keeps the bond in place when the warrant is exercised, and the investor additionally pays a subscription amount for the new shares.<\/p>\n<\/div>\n<div class=\"faq-item\">\n<p class=\"faq-q\">Q. What is the difference between detachable and non-detachable?<\/p>\n<p>A. A detachable warrant can be separated from the bond and transferred or traded on its own; a non-detachable warrant is combined with the bond and cannot be transferred separately.<\/p>\n<\/div>\n<div class=\"faq-item\">\n<p class=\"faq-q\">Q. Which law governs BWs?<\/p>\n<p>A. Article 516-2 and following of the Korean Commercial Act govern bonds with warrants. This is separate from convertible bonds (Article 513 et seq.).<\/p>\n<\/div>\n<div class=\"faq-item\">\n<p class=\"faq-q\">Q. Does exercising the warrant bring funds into the company?<\/p>\n<p>A. Yes. On exercise the investor pays for the new shares, bringing additional funds into the company. This differs where a payment-in-kind arrangement (applying the bond in lieu of payment) is agreed.<\/p>\n<\/div>\n<div class=\"faq-item\">\n<p class=\"faq-q\">Q. What contract does a BW investment require?<\/p>\n<p>A. A Bond with Warrant Investment Agreement is used. You can download the 2026 revised KVCA standard form below; review and tailoring to the deal are needed.<\/p>\n<\/div>\n<p class=\"closing\">To consult Atlas Legal on reviewing or negotiating a bond with warrant (BW) investment contract in South Korea, please contact us at +82-32-864-8300 or info@atlaw.kr.<\/p>\n<div class=\"author-box\">\n  <img decoding=\"async\" class=\"author-avatar\" src=\"https:\/\/atlaw.kr\/wp-content\/uploads\/2022\/12\/\uae40\ud0dc\uc9c4-1.png\" alt=\"Taejin Kim, Managing Partner \u2014 Atlas Legal\"><\/p>\n<div class=\"author-text\">\n<div class=\"author-section-label\">About the Author<\/div>\n<div class=\"author-name\">Taejin Kim | Managing Partner<\/div>\n<div class=\"author-detail\">Corporate Counseling, Corporate Disputes, White-Collar Crime<\/div>\n<div class=\"author-detail\">Former Public Prosecutor | Judicial Research and Training Institute, 33rd Class<\/div>\n<div class=\"author-detail\">Korea University LL.B. &amp; LL.M. (Criminal Law), University of California, Davis LL.M.<\/div>\n<div class=\"author-detail\">Atlas Legal | Incheon Songdo, South Korea<\/div>\n<p>    <a class=\"author-link\" href=\"https:\/\/atlaw.kr\" target=\"_blank\" rel=\"noopener noreferrer\">Visit Atlas Legal Homepage \u2192<\/a>\n  <\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Corporate Counseling \u00b7 Venture Investment Bond with Warrant (BW)Investment Agreements in South Korea Taejin Kim \u00b7 Managing Partner, Atlas LegalBased on the Korea Venture Capital Association (KVCA) standard contracts, revised April 2026 Quick answer: A bond with warrant (BW) is a security in which a bond carries a right to subscribe for new shares (a&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_kadence_starter_templates_imported_post":false,"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"_kad_post_classname":"","footnotes":""},"categories":[218],"tags":[831,832,829,255,833],"class_list":["post-1438","post","type-post","status-publish","format-standard","hentry","category-corporate-counseling","tag-bond-with-warrant","tag-bw","tag-mezzanine","tag-south-korea","tag-warrant"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>**: Bond with Warrant (BW) Investment Agreements in South Korea | Atlas Legal<\/title>\n<meta name=\"description\" content=\"**: A guide to the bond with warrant (BW) investment agreement in South Korea. 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