Evps Co., Ltd. announced a private placement of series 2 bearer interest unsecured private placement convertible bonds for a gross proceeds of KRW 3,000,000,000 on September 12, 2023. The transaction will include participation from new investor HAPPY BIOTECH Co., Ltd. The bonds will carry a coupon rate of 4.5%. The bonds will mature on October 31, 2028.

The bonds will be 100% converted into 1,818,181 common shares at a fixed conversion price of KRW 1,650 per share for an equity stake of 11.91%. The conversion period is from October 31, 2024 to September 30, 2028. The securities issued in the transaction are subject to a lock up period of one year.

The transaction has been approved by the board of directors of the company.