Seojin Automotive Co.,Ltd. announced a private placement of series 10 unregistered coupon unguaranteed private convertible bond for gross proceeds of KRW 10,000,000,000 on March 14, 2023. The transaction will include participation from DB Financial Investment Co., Ltd. for KRW 3,000,000,000, Hana Investment Banking & Securities Inc. for KRW 1,000,000,000, Shinhan Securities Co. Ltd. for KRW 1,000,000,000, Samsung Securities Co., Ltd. for KRW 1,000,000,000, JB Woori Capital Co., Ltd for KRW 2,000,000,000, EBEST Investment & Securities Co., Ltd. for KRW 1,000,000,000 and Hanyang Securities Co.

Ltd. for KRW 1,000,000,000. The bonds carry coupon rate of 0% and yield to maturity of 2% and will mature on March 16, 2028. The bonds can be 100% converted into 3,150,598 common shares for 14.97% stake of the company at a fixed conversion price of KRW 3,174 per share.

The conversion period is from March 16, 2024 to February 16, 2028. The bonds have a holding period of 1 year from the date of issuance. The transaction has been approved by the board of directors of the company.

The transaction is expected to close on March 16, 2023.