Nepes Ark Corporation announced a private placement of 2nd bearer no-guaranteed private convertible bond for gross proceeds of KRW 30,000,000,000 on June 20, 2022. The bonds being issued are 100% convertible into 867,804 shares of the company representing 7.12% of the total shares at a conversion price of KRW 34,570 per share starting June 30, 2023 till May 30, 2052. The payment date of the transaction is June 30, 2022.

The transaction involved participation from IBK Kiwoom Business Reorganization Private Equity LP for KRW 12,500,000,000, JN No. 1 Private Equity LP for KRW 12,500,000,000, Kiwoom New Hero Scaleup Fund 4, a fund managed by Kiwoom Investment Co., Ltd. for KRW 5,000,000,000. The bonds will bear an interest rate of 2% per annum and maturity rate of 2%.

The transaction has been approved by the board of directors of the company. The bonds will mature on June 30, 2052.