NEOOTO CO., Ltd announced a private placement of series 1 bearer interest unsecured private placement convertible bonds for a gross proceeds of KRW 9,000,000,000 on February 5, 2024. The transaction will include participation from new investor Mobility Business Reorganization Co., Ltd. The bonds have an interest rate of 1% and yield to maturity of 2%. The bonds will mature on February 15, 2029. The bonds will be 100% converted into 934,870 common shares at a fixed conversion price of KRW 9,627 per share for an equity stake of 10.61%. The conversion period is from February 15, 2025 to January 15, 2029. The payment date of the transaction is February 15, 2024. 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.

On February 7, 2024, the company announced the bonds will be convertible into 932,932 common shares for a conversion price of KRW 9,647 per share.