SHANON Inc. announced that it will issue 49 2nd unsecured convertible bond-type bonds with stock acquisition rights at a price of ¥12,000,000 for gross proceeds of ¥588,000,000 and 8,512 25th stock acquisition rights at a price of ¥100 for gross proceeds of ¥851,200 for aggregate gross proceeds of ¥588,851,200 on February 24, 2023. The transaction will include participation from Whiz AIoT Evolution Fund L.P., a fund managed by Whiz Partners Inc. The company is issuing securities through third party allotment. The bonds bear an interest of 0% and are redeemable on December 27, 2027.

The 25th stock acquisition rights are convertible into 851,200 shares at an initial exercise price of ¥760 per share. The transaction is expected to close on March 13, 2023.