OLIPASS Corporation announced a private placement to issue Series 13 Bearer Interest Unsecured Private Placement Convertible Bonds for the gross proceeds of KRW 5,000,000,000 on March 6, 2024. The transaction will include participation from new individual investor Nam Jiwon for KRW 5,000,000,000. The transaction has been approved by the shareholders of the company and is expected to close on March 8, 2024.

The bonds are 100% convertible into 8,375,209 shares at a fixed conversion price of KRW 597 per share from March 8, 2025 to February 8, 2027. The bonds bear zero coupon rate and 5% maturity rate and matures on March 8, 2029. The securities are restricted to a hold period of 1 year.