Ehwa Defense Technology announced private placement of series 3 unregistered coupon non-guaranteed private convertible bonds for a gross proceeds of KRW 3,000,000,000 on May 24, 2021. The transaction will include participation from with Port Hamilton Union 1. The bonds will mature on June 1, 2024. The bonds will be fully convertible into 2,870,813 common shares at a fixed conversion price of KRW 1,045 per share for 4.22% stake. The conversion period is from June 1, 2022 to May 1, 2024. The subscription date of the transaction is May 24, 2021. The payment date of the transaction is June 1, 2021. The securities issued in the transaction are subject to a lock up period of one year. The transaction has been approved by the board of directors of the company.