Automobile & PCB Inc. announced a private placement of series 22 of Non-guaranteed Private convertible bonds with Bearer Type Interest Part for gross proceeds of KRW 6,000,000,000 on April 13, 2022. The transaction will include participation from ADE Co., Ltd for KRW 5,000,000,000 and Ando Co., Ltd for KRW 1,000,000,000. The note bears will bear interest rate of 2% and will mature on April 28, 2025.

The notes are 100% convertible into 2,041,510 shares at an conversion price of KRW 2,939 per share. The bonds will start conversion from April 28, 2023 and will end on March 28, 2025. The transaction is expected to close on April 28, 2022.

The transaction was approved by the board of directors of the company. The securities to be issued will have a hold period of one year.