FN REPUBLIC Co., Ltd announced a private placement of Series 22 Unregistered coupon unguaranteed private convertible bond for the gross proceeds of KRW 25,000,000,000 and 10,182,546 common shares at a price of KRW 1,630 per share for the gross proceeds of KRW 16,597,549,980; for aggregate gross proceeds of KRW 41,597,549,980 on February 24, 2023. The transaction will include participation from Bhglobal Inc. for KRW 3,000,000,000, KP Investment Co., Ltd. for KRW 8,000,000,000, Termini Consortium for KRW 9,000,000,000, Primus Fund 1 KRW 5,000,000,000, Benoholdings, Inc. for 3,100,000 shares for proceeds of KRW , Lamicus Co., Ltd. for 2,491,921 shares for proceeds of KRW 2,033,410,330, The Root Company for 1,290,625 shares and individual investors, Youngdae Kim and Ji-man Park for 1,650,000 share each. The bonds have a 0% interest rate and 1% yield to maturity, converted into 13,528,138 shares at a fixed conversion price of KRW 1,848 from April 11, 2024 to March 11, 2026, matures on April 11, 2026.

The shares are allotted through third party allocation increase method and have a holding period of 1 year. The transaction has been approved by the board of directors of the company and is expected to close on April 11, 2023.