Vessel Co., Ltd. announced a private placement of Series 7 Unsecured privately placed convertible bonds with bearer interest for the gross proceeds of KRW 13,000,000,000 on February 15, 2023. The transaction will include participation from Lucro No. 1 Fund for KRW 10,000,000,000 and Robo Partners Co., Ltd. for KRW 3,000,000,000.

The bonds bear 1% interest rate and 1% yield to to maturity, and is 100% convertible into 1,886,792 common shares at a fixed conversion price of KRW 6,890 from March 31, 2024 to February 28, 2026 and will mature on March 31, 2026. The transaction has been approved by the board of directors of the company and is expected to close on March 31, 2023. The bonds are restricted to a hold period of one year from the date of issuance.