Cronex Co., Ltd. announced a private placement of series 2 unregistered coupon secured guaranteed private convertible bonds for gross proceeds of KRW 5,000,000,000 on August 31, 2021. The transaction will include participation from CNBICT Co., Ltd. The bond carry coupon rate of 0% and have yield to maturity of 4%. The bonds will mature on September 13, 2024. The bonds will be 100% converted into 834,306 common shares at a fixed conversion price of KRW 5,993 per share. The conversion period is from September 14, 2022 to August 14, 2024. The transaction is expected to close on September 14, 2021. The transaction has been approved by the board of directors of the company. The securities issued in the transaction are subject to a lock up period of 1 year.