Blitzway Co.,LTD. announced a private placement of series 2 domestic bearer-type non-guaranteed private placement convertible bonds for a gross proceeds of KRW 3,000,000,000 on October 24, 2023. The transaction will include participation from new investors Younghoon Joo for KRW 1,000,000,000; Hong Min-ki for KRW 500,000,000; Deunden Partners Co., Ltd for KRW 200,000,000; Ayoung Choi for KRW 100,000,000; Jang Seon-jeong for KRW 100,000,000; Seokyoung Jeong for KRW 300,000,000; Gyo-jin for KRW 200,000,000; Donghan Kim for KRW 100,000,000; and STG Co., Ltd. for KRW 500,000,000. The bonds have yield to maturity of 3%.

The bonds will mature on October 27, 2028. The bonds will be 100% converted into 1,427,891 common shares at a fixed conversion price of KRW 2,101 per share for an equity stake of 3.36%. The conversion period is from November 16, 2024 to September 27, 2028.

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.