CHOROKBAEM COMPANY Co., Ltd. announced a private placement of 22,143,490 registered convertible preferred shares at an issue price of KRW 1,129 per share for gross proceeds of KRW 25,000,000,210 on March 31, 2022. The transaction will include participation from Won, Young-sik for 4,428,698 shares and Bron Fund for 17,714,792 shares. The shares are 100% convertible into 22,143,490 shares at an conversion price of KRW 1,129.

The shares will start conversion from April 7, 2023 and will end on April 6, 2027. The transaction is expected to close on July 04, 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. The company will receive funding through 3rd party allocation.