JOONGANG DNM Co.,Ltd announced a private placement of 4,300,000 shares at issue price of KRW 2,325 per share for a gross proceeds of KRW 9,997,500,000 and series 13 unsecured privately placed convertible bonds with bearer interest for gross proceeds of KRW 10,000,000,000; for an aggregate gross proceeds of KRW 19,997,500,000 on March 30, 2023. The transaction will include participation from investor, Opulence Funding LLC for shares. The company will issue common shares in the transaction.

The company will issue shares through third-party allotment. The bonds will be issued at par and will carry coupon rate of 2%. The bonds have yield to maturity of 2% and would mature on April 28, 2026.

The bonds will be fully convertible into 3,276,539 shares of the company at a fixed conversion price of KRW 3,052 from April 28, 2024 and March 28, 2026. The payment date is April 28, 2023. The transaction has been approved by its board of directors.

The transaction is expected to close on April 28, 2023.