Blitzway Co.,LTD. announced a private placement of series 3 domestic bearer-type non-guaranteed private placement convertible bonds for a gross proceeds of KRW 2,000,000,000 on October 24, 2023. The transaction will include participation from new investors History Investment Fund for KRW 1,000,000,000; NH Investment & Securities Co., Ltd for KRW 500,000,000 and KB Securities Co., Ltd for KRW 500,000,000. The bonds have yield to maturity of 3%.

The bonds will mature on November 16, 2028. The bonds will be 100% converted into 951,927 common shares at a fixed conversion price of KRW 2,101 per share for an equity stake of 2.24%. The conversion period is from November 16, 2024 to October 26, 3038.

The securities issued in the transaction are subject to a lock up period of one year. The transaction has been approved by the board of directors of the company.