Hojeon Limited announced a private placement of series 13 bearer type interest part no guarantee private place convertible Bonds for gross proceeds of KRW 22,500,000,000 on October 21, 2021. The transaction has been approved by the board of directors of the company. The payment date and subscription date is on October 25, 2021. The bonds bear zero coupon interest and maturity rate. The bond maturity date is October 25, 2026. The bonds are fully convertible at a price of KRW 15,500 per share into 1,451,612 shares for 14.38% stake. The conversion period starts on October 25, 2022 and ends on September 25, 2026. The bonds have a hold period of one year, post the closing.