Seoul Food Industrial.Co.,Ltd announced a private placement of 22nd series unregistered coupon unguaranteed private convertible bond for gross proceeds of KRW 2,000,000,000 on March 15, 2023. The transaction will include participation from new investor Eugene Investment & Securities Co.,Ltd. The bonds carry zero coupon rate and have yield to maturity of 3%. The bonds will mature on Mach 17, 2027.

The bonds will be 100% convertible into 10,000,000 common shares of the company, representing 2.65% of the total number of shares at a fixed conversion price of KRW 200 per share. The conversion period is from March 17, 2024 to February 17, 2027. The transaction has a subscription date of March 17, 2023 and payment date of March 17, 2023.

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 one year.