Powernet Technologies Corporation announced a private placement of series 12 unsecured convertible bonds for the gross proceeds of KRW 10,000,000,000 on October 17, 2023. The bonds will be 100% convertible into 3,229,974 common shares at a conversion price of KRW 3,096 per share. The transaction has been approved by the shareholders of the company and is expected to close on October 18, 2023.

The bonds will be matured on a debt maturity date of October 18, 2028. and have a maturity interest rate of 1%. The transaction will include participation from new investor, Kiwoom Securities Co., Ltd. for KRW 5,000,000,0000 and returning investor, NH Investment & Securities Co., Ltd., Investment Arm, KRW 5,000,000,000.