SBB Tech Co., Ltd. announced a private placement that it will issue series 3 non-guaranteed private placement convertible bonds for gross proceeds of KRW 30,000,000,000 on May 24, 2023. The transaction will include participation from returning investor Korea Parts & Fasteners Co.,Ltd for KRW 10,000,000,000, new investors Kiwoom-Lapiz Robotics New Technology Business Investment Fund for KRW 11,000,000,000, GVA Asset Management Co., Ltd., and Mirae Asset Securities Co., Ltd. together for KRW 3,000,000,000, individual investors Song, Moo Hyun for KRW 2,000,000,000, Song, Soo Min for KRW 3,700,000,000, Song, Seung Hyun for KRW 100,000,000, Kang Yoon Kyu for KRW 100,000,000, Lee, Woo Jin for KRW 100,000,000. The bond is issued at zero coupon rate, 1% yield to maturity and will mature on May 26, 2028.

The bonds can be 100% converted into 675,675 common shares at a conversion price of KRW 44,400 per share. The conversion period is from May 26, 2024 to April 26, 2028. The transaction has been approved by the board of directors of the company.

The bonds are subject to a hold period of one year. The transaction is expected to close on May 26, 2023.