Sonid Inc. announced a private placement to issue Series 26 Non-guaranteed unsecured privately placed convertible bond with bearer interest for the gross proceeds of KRW 3,000,000,000 on July 4, 2023. The transaction included participation from Mirae Asset Securities Co., Ltd, investment arm. The bonds will bear interest rate of 1% per annum and will mature on July 4, 2026.

The bonds are convertible into 601,202 shares at an fixed conversion price of KRW 4,990 per share. The bonds will start conversion from July 4, 2024 and will end on June 4, 2026. The transaction was approved by the board of directors of the company.

The bonds are restricted to transfer for one year.