IQUEST Co., Ltd. announced a private placement to issue Series 1 Bearer Interest Unsecured Private Placement Exchangeable Bonds for the gross proceeds of KRW 2,238,200,000 on February 14, 2024. The transaction will include participation from new investors Kiwoom Securities Co., Ltd. for KRW 1,238,200,000 and Shinhan Investment & Securities Co., Ltd. for KRW 1,000,000,000. The bonds are 100% convertible into 310,000 shares at a fixed conversion price of KRW 7,220 from March 19, 2024 to January 19, 2029.

The bonds bear zero coupon rate and 1% maturity rate and matures on February 19, 2029. The transaction has been approved by the shareholders of the company and is expected to close on February 19, 2024.