SEONGAN CO., Ltd. announced a private placement of series 6 unregistered coupon unguaranteed private convertible bond for the gross proceeds of KRW 1,000,000,000 on March 13, 2023. The transaction will include participation from individual investor Cha Seung Min for KRW 1,000,000,000. The bonds bear coupon rate of 0% and maturity rate of 6% and will mature on March 14, 2026.

The bonds are fully convertible into 957,854 common shares at a fixed conversion price of KRW 1,044 per share from March 14, 2024 to February 14, 2026. The bonds are restricted to a hold period of one year. The transaction has been approved by the board of directors of the company.

The transaction is expected to close on March 14, 2023.