Sangsangin Industry Co., Ltd. announces private placement of series 15 Unsecured Convertible Bonds for proceeds of KRW 10,000,000,000 and 2,286,236 shares of Redeemable Convertible Preferred Stock at an issue price of KRW 2,187 for proceeds of KRW 4,999,998,132 and 4,062,976 common shares at a price of KRW 1,969 per share for gross proceeds of KRW 7,999,999,744; for aggregate total gross proceeds of 22,999,997,876 on March 12, 2024. The bonds bear a coupon rate for 3% and will mature on May 31, 2027. The bonds will be convertible into 4,502,476 shares at an conversion price of KRW 2,221 from May 31, 2025 to April 30, 2027 and the Preferred Stock will be convertible into 2,286,236 shares of common stock at a conversion price of KRW 2,187 per share from May 31, 2025 to May 31, 2034.

The preferred stock will bear a dividend date rate of 1%The transaction has been approved by the board of the company. The transaction will include participation from Capstone Asset Investment Fund for KRW 10,000,000,000 of convertible bonds and Taekyung Kim for .2,286,236 shares of Redeemable Convertible Preferred Stock and for 4,062,976 common shares. The transaction is expected to close on May 31, 2024.

The common shares are restricted to a hold period of 1 year.