Daedong Corporation announced a private placement of 1,520,903 registered convertible preference shares having par value of KRW 1000 per share at an issue price of KRW 13,150 per share for gross proceeds KRW 19,999,874,450 on May 23, 2022. The transaction will include participation from Meritz Securities Co., Ltd. for 76,045 shares, IBK Securities Co. Ltd., Investment Arm for 114,068 shares, Shinhan Investment Corp.

for 152,091 shares and other investors. Each preferred stock is convertible into one common shares at conversion of 1,520,903 total shares. The conversion request period is starting from June 02, 2023 till May 02, 2025.

The transaction was approved by the board of directors of the company. The transaction is expected to close on May 31, 2022. The company will issue securities through 3rd party allocation increase.