CITECH Co., Ltd. announced a private placement of 10th series unregistered coupon nonguaranteed private convertible bonds for gross proceeds of KRW 4,000,000,000 on February 11, 2022. The transaction will include participation from Jeong, Byung-cheol. The zero coupon bonds have fixed yield to maturity of 2%.

The bonds will mature on February 28, 2025. The bonds are 100% convertible into 2,987,303 common shares of the company representing 7.47% stake at a fixed conversion price of KRW 1,339 per share. The conversion period is from February 28, 2023 to January 28, 2025.

The transaction has been approved by board of directors. The transaction is expected to close on February 28, 2022. The bonds issued are subject to a hold period of 1 year from the date of issuance.