GW Vitek CO.,LTD. announced a private placement of 16th series unregistered coupon unguaranteed private convertible bond for gross proceeds of KRW 3,140,000,000 on February 23, 2022. The transaction will include participation from Shin, Hyeongdu for KRW 2,320,000,000 and Kim, Myung-cheol for KRW 820,000,000. The bond is issued at 0% fixed interest rate, 5% yield to maturity rate and will mature on March 17, 2024.

The bonds can be 100% converted into 1,430,523 common shares for 4.39% stake in the company at a fixed conversion price of KRW 2,215 per share. The conversion period is from March 17, 2023 to February 17, 2024. The transaction has been approved by the board of directors of the company.

The subscription date is March 17, 2022 and the payment date is March 17, 2022. The securities are subject to 1 year hold period.