KOSSEN Co., Ltd. announced a private placement of series 20th non-guaranteed private placement convertible bonds for a gross proceeds of KRW 9,646,900,000 on March 7, 2022. The transaction will include participation from new investor JS Distribution Ltd. for KRW 913,400,000, individual investors Dae-eun Kim for KRW 200,000,000, Jinhwan Cho for KRW 5,100,700,000, Shin-young Oh for KRW 101,800,000, Nan-ju Kim for KRW 510,300,000, Wan-seop Yoo for KRW 509,400,000, Myung-ja Kim for KRW 1,020,600,000, Kyung-Hoon Lee for KRW 510,300,000, Young-seok Jung for KRW 101,800,000, Yooin Bae for KRW 203,600,000, Jaesun Lee for KRW 407,200,000, and In-taek Oh for KRW 67,800,000. The bonds are of zero coupon and carry a maturity interest rate of 4%.

The bonds have a maturity date of March 10, 2025 and are fully convertible into 3,553,186 common shares for 18.11% stake in the company at a conversion price of KRW 2,715 per share during the conversion period beginning from March 10, 2023 and ending on February 10, 2025. All securities are subject to a hold period of one year. The transaction is expected to close on March 10, 2022.