Earth & Aerospace Manufacturing Ind. Co.,Ltd announced that it will issue series 11 Non-guaranteed privately placed convertible bonds with bearer interest for the gross proceeds of KRW 2,500,000,000 on May 26, 2023. The transaction will include participation from returning investors Myungjae Lee for KRW 800,000,000, Hyunjin Cho for KRW 700,000,000, Ji - Eun Lee for KRW 700,000,000 and Jongyoon Bae for KRW 300,000,000.

The bonds carry a coupon rate of 5% and maturity rate of 7% and will mature on June 26, 2026. The bonds are fully convertible into 5,000,000 common shares at a conversion price of KRW 500 per share from June 26, 2024 to May 25, 2026. The bonds are restricted to hold period of 1 year.

The transaction has been approved by the shareholders of the company. The transaction is expected to close on June 26, 2023.