NSN Co., Ltd. announced a private placement of series 28 and series 27 nonguaranteed private convertible bonds with Bearer Type gross proceeds of KRW 10,000,000,000 each; aggregate of KRW 20,000,000,000 on March 11, 2022. The transaction will include participation from Aim Partners Co., Ltd. The series 27 and series 28 bonds carry coupon rate of 0% and have yield to maturity of 1%. The series 27 and series 28 bonds will mature on April 29, 2025.

The series 27 and series 28 bonds will be 100% converted into 3,448,275 common shares representing 5.06% of the company at a fixed conversion price of KRW 1,450 per share. The conversion period is from April 29, 2023 to April 29, 2025. The transaction will have subscription date March 11, 2022 and payment date on April 29, 2022.

The transaction has been approved by the board of directors of the company. The securities issued in the transaction are subject to a lock up period of 1 year.