INSAN Inc. announced a private placement of series 9 of Unregistered coupon nonguaranteed private convertible bond for gross proceeds of KRW 12,000,000,000 on November 30, 2021. The transaction will include participation from Anda H KOSDAQ Venture Hedge Fund 3 for KRW 3,000,000,000, Anda H The banks 2 Hedge Fund for KRW 2,500,000,000, Anda H KOSDAQ Venture Hedge Fund 1 for KRW 500,000,000, GVA Coven-V General Private Equity Trust for KRW 500,000,000, GVA Coven-i General Private Equity Trust for KRW 500,000,000, BNB Mezzanine Private Equity Investment Trust 1 for KRW 3,000,000,000, Mirae Asset Securities Co., Ltd. for KRW 1,000,000,000, KLH Partners Limited Liability for KRW 2,000,000,000, KB Securities Co., Ltd. for KRW 1,000,000,000 and NH Investment & Securities Co., Ltd. for KRW 1,000,000,000. The bonds will carry a interest rate of 0.5% and will mature on December 08, 2024.

The bonds are 100% convertible into 5,452,067 shares at an conversion price of KRW 2,201. The bonds are convertible from December 08, 2022 and ends on November 08, 2024. The transaction is expected to close on December 8, 2021.