Ev Soosung. Co., Ltd announced a private placement of 12,355,212 shares at an issue price of KRW 1,295 per share for gross proceeds of KRW 16,000,000,000 and Series 21 non-guaranteed private convertible bonds with bearer type interest part for the gross proceeds of KRW 7,000,000,000; aggregate proceeds of KRW 23,000,000,000 on September 19, 2022. The transaction will include participation from Salvacion Co., Ltd. for 2,316,602 shares and returning investor, Salvacion Fund for 10,038,610 shares.

The bonds are issued at par and will mature on October 19, 2025. The company are 100% convertible into 4,745,762 common shares at a conversion price of KRW 1,475 per share from October 19, 2023 to September 19, 2025. The transaction is expected to close on October 19, 2022.

The transaction was approved by the board of directors of the company. The securities to be issued will have a holding period of one year. The company will receive funding through 3rd party allocation.