Sangji Caelum, Inc. announced a private placement of round 20 series non-guaranteed Private convertible bonds with bearer type interest part for the gross proceeds of KRW 12,000,000,000 on September 22, 2022. The transaction will include participation from returning Meritz Securities Co., Ltd. and holds 51.33% stake in the company. The bond carry yield to maturity of 6%.

The bonds will mature on September 23, 2025. The bonds will be 100% convertible into 15,584,415 common shares of the company, representing 14.29% of the total number of shares at a fixed conversion price of KRW 770 per share. The conversion period is from September 24, 2023 to September 18, 2025.

The transaction is expected to close on September 23, 2022. The transaction has been approved by the board of directors of the company.