IM Co.,Ltd announced a private placement of series 10 bearer-type, non-guaranteed, privately placed convertible bonds for a gross proceeds of KRW 5,000,000,000 on August 1, 2023. The transaction will include participation from new investor Igniter Labs Co., Ltd. The bonds have yield to maturity of 5%. The bonds will mature on October 12, 2026.

The bonds will be 100% converted into 752,445 common shares at a fixed conversion price of KRW 6,645 per share for an equity stake of 7.67%. The conversion period is from October 12, 2024 to September 12, 2026. The payment date of the transaction is October 12, 2023.

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.