JTC Inc. announced announced a private placement of Series 2 Non-guaranteed Private Equity Convertible Bonds with Bearer Type Interest Part for the gross proceeds of KRW 6,034,378,000 on January 14, 2022. The transaction will include participation from Mantomi Building Co., Ltd. for KRW 5,202,050,000 and dodo Co., Ltd. for KRW 832,328,000. The bonds will mature on January 30, 2027.

The bonds are zero coupon bonds and will have 1% maturity rate. The bonds are 100% convertible into 1,554,959 shares at a conversion price of KRW 3,865 per share. The conversion period will start from January 31, 2023 and ends on December 30, 2026.

The transaction has been approved by board of the company. The transaction is expected to close on January 31, 2022 and subscription date is January 18, 2022. The securities issued in the transaction are subject to one year hold period.