K-Auction.Co.Ltd. announced a private placement of 1st series unregistered coupon unguaranteed private convertible bond for gross proceeds of KRW 29,500,000,000 on September 22, 2022. The transaction includes participation from LB Next Unicorn Fund managed by LB Investment Inc. The bonds do not carry any coupon and 0% yield to maturity. The bonds will be issued at par.

The bonds are fully convertible into 4,494,210 shares at a conversion price of KRW 6,564 each starting from September 26, 2023 till August 26, 2027. The transaction has been approved by the board of directors of the company. The subscription date and expected payment date is September 26, 2022.