Redwoods Co.,Ltd announced a private placement to issue Series 8 Bearer Interest Unsecured Private Placement Convertible Bonds for the gross proceeds of KRW 2,000,000,000 on March 5, 2024. The transaction will include participation from new investor AAAs DISCRETIONARY INVESTMENT Inc. for KRW 2,000,000,000. The bonds bear zero interest rate and 4% maturity rate and matures on March 20, 2029.

The transaction has been approved by the shareholders and is expected to close on March 20, 2024. The bonds are 100% convertible into 3,472,222 shares at a fixed conversion price of KRW 576 per share from March 20, 2025 to February 20, 2029. The securities are restricted to a hold period of 1 year.