ITOXI Corp. announced that it will issue 1,875,000 common shares at an issue price of KRW 1,600 per share for the gross proceeds of KRW 3,000,000,000 and series 14 unsecured private convertible bonds with bearer interest for gross proceeds of KRW 1,000,000,000; for total gross proceeds of KRW 4,000,000,000 on May 3, 2023. The transaction will include participation for common shares from Jeon Bong-gyu for 1,250,000 shares, Hyeja Song for 343,750 shares, Park Young-goo for 187,500 shares and Lee Sang-rae for 93,750 shares and for convertible debt from Jeong Sucheol.

The convertible bonds will bear surface interest rate of 3% and interest rate of maturity at 6%. The convertible bonds will mature on May 09, 2053. The bonds are convertible at a conversion rate of 100% at a conversion price of KRW 1,600 for 625,000 common shares of the company.

The conversion price will start from May 9, 2024, to April 9, 2053. The transaction has been approved by the board of directors of the company. The transaction is expected to close for common shares May 11, 2023, and for convertible bonds on May 9, 2023.

The shares are restricted to a hold period of one year.