Redwoods Co.,Ltd announced a private placement of series 7 unsecured privately placed convertible bonds with bearer interest for gross proceeds of KRW 1,000,000,000 on March 10, 2023. The transaction will include participation from the returning investor, Pastoral Investment Limited for KRW 1,000,000,000. The bonds carry coupon rate of 8% and 10% as interest rate to maturity.

The bonds will mature on March 15, 2028. The bonds are fully convertible into 1,333,333 common shares of the company at a conversion price of KRW 750 per share. The bonds can be converted between March 15, 2024 and February 15, 2028.

The transaction is expected to close on March 15, 2023. The subscription date is March 14, 2023. The transaction has been approved by the board of directors of the company.