Se Gyung Hi Tech Co.,Ltd announced that it will issue 4,642,150 redeemable convertible preferred stock with registered voting rights at a price of KRW 12,128 for gross proceeds of KRW 56,299,995,200 on March 21, 2023. The transaction will include participation from returning investor SGH Holdings Co., Ltd. currently owns 20.68% stake in the company. The company will issue the securities through third party allocation method.

The preferred stock is convertible into common shares of the company, equivalent to 4,642,150 common shares. The company will pay 2% cumulative dividends on the preferred shares. The conversion period will start from February 28, 2023 to March 31, 2024.

The company has the option to redeem the preferred shares and shall send a redemption notice stating the number of class shares to be redeemed. The transaction is expected to close on March 30, 2023. The transaction has been approved by the board of directors of the company.