Codenature Inc. announced a private placement of series 17 non-guaranteed private convertible bonds for gross proceeds of KRW 10,000,000 on March 28, 2022. The transaction will include participation from existing investor I-Solutions Co., Ltd. The bonds carry interest rate of 1% and maturity rate of 2% and will mature on March 29, 2025. The bonds are 100% convertible into 4,444,444 shares at a conversion price of KRW 1,575 per share, the conversion period is from March 29, 2023 to February 28, 2025. The transaction has been approved by board of directors of the company. The securities issued will be subject to restriction period of one year from issuance. The transaction is expected to close March 29, 2022.

On the same day, the company announced that it has extended the offering period of the transaction. The transaction is now expected to close on June 21, 2022. The bonds will now mature on June 21, 2025 and are convertible into 5,115,089 shares at a price of KRW 1,955, the conversion period is from June 21, 2023 to May 21, 2025.