THE MIDONG Co,. Ltd. announced a private placement of series 3 Unsecured privately placed convertible bonds with bearer interest for the gross proceeds of KRW 20,000,000,000 on June 14, 2023. The transaction will include participation from new investors JS Corporation and HL Co.,Ltd for KRW 10,000,000,000 each.

The bonds carry coupon rate of 4% and maturity rate of 7% and will mature on August 16, 2026. The bonds are fully convertible into 9,086,778 common shares at a conversion price of KRW 2,201 from August 16, 2024 to July 16, 2026. The transaction has been approved by the shareholders of the company.

The transaction is expected to close on August 16, 2023.