Nano Chem Tech Inc. announced a private placement to issue Series 7 Non-Guaranteed Private Placement Convertible Bonds for the gross proceeds of KRW 3,000,000,000 on October 11, 2023. The transaction will include participation from new investor, Aves No.1 PEF. The series 7 bonds are 100% convertible into 3,658,536 shares at a fixed conversion price of KRW 820 per share from October 25, 2024 to September 25, 2026 and will mature on October 25, 2026.

The series 7 bonds bear 6.5% maturity rate. The transaction has been approved by the shareholders of the company and is expected to close on October 25, 2023. The securities issued in the transaction are subject to a lock up period of one year.