Barunson Co., Ltd. announced a private placement to issue Series 33 Bearer-type unsecured privately placed convertible bonds for the gross proceeds of KRW 2,000,000,000 on May 26, 2023. The transaction will include participation from new investors BTC Investment Co., Ltd. for KRW 1,000,000,000 and BTCI 2021 Venture Fund 1 for KRW 1,000,000,000. The bonds are 100% convertible into 836,820 common shares at a fixed conversion price of KRW 2,390 from May 31, 2024 to April 30, 2026 and will mature on May 31, 2026.

The bond bear zero coupon rate and 5% yield to maturity. The transaction is expected to close on May 31, 2023 and has been approved by the shareholders of the company. The bonds are restricted to a hold period of 1 year.