COSON Co., Ltd. (KOSDAQ:A069110) announced a private placement of 2,822,579 registered convertible preferred stock at a price of KRW 12,400 per share for gross proceeds of KRW 34,999,979,600 on October 17, 2018. The transaction will include participation from new investors, InSung Hitech Co., Ltd., Bodyfriend Co., Ltd. for 403,225 shares each and returning investor, Yuhan Corporation(KOSE:A000100) for 2,016,129 shares. The preferred shares will be issued at premium.

The preferred shares will be issued through third party allotment method. The preferred shares will have a lock up period of one year. Post the closing, the number of preferred shares will increase from 689,053 to 3,511,632.

The preferred shares will be convertible into 2,822,579 shares of the company between the period of October 25, 2019 to October 25, 2023. The payment date is October 25, 2018. The transaction has been approved by the board of directors of the company.