N Citron, Inc. announced a private placement to issue Series 15 Unsecured Private Placement Convertible Bonds for the gross proceeds of KRW 2,000,000,000 on April 26, 2024. The transaction will include participation from new investor Jin Yang Gon for KRW 1,000,000,000 and Epoche Co. Ltd for 1,000,000,000.

The transaction has been approved by the shareholders of the company, restricted to a hold period and is expected to close on May 7, 2024. The bonds are 100% convertible into 3,738,317 at a fixed conversion price of KRW 535 from May 7, 2025 to April 24, 2029. The bonds bear zero coupon rate and maturity rate and matures on May 7, 2029.