Sangsangin Industry Co., Ltd. announced a private placement of series 13 unregistered coupon unguaranteed private equity convertible bonds with bearer type interest part for KRW 6,000,000,000 and 841,750 common shares at an issue price of KRW 1,188 per share for gross proceeds of KRW 999,999,000, for aggregate gross proceeds of KRW 6,999,999,000 on April 3, 2023. The series 13 bonds will have 0% interest rate and 4% surface interest, having maturity on April 7, 2026. The transaction is expected to close on April 7, 2023.

The series 13 bonds are 100% convertible into 4,545,454 shares at an conversion price of KRW 1,320 and conversion period will start from April 11, 2024 and will end on March 7, 2026. The transaction was approved by the board of directors of the company. The transaction will include participation from Synergy Turnaround 22 New Technology Business Investment Fund for series 13 bonds and individual investor Yoo, Jun Won for common shares.

The shares have a restriction period of 1 year.