FSN Co., Ltd. announced a private placement of series 11 bearer-type unsecured interest-bearing private placement convertible bonds for the gross proceeds of KRW 5,000,000,000 and series 12 bearer-type unsecured interest-bearing private placement convertible bonds for the gross proceeds of KRW 5,000,000,000 resulting aggregate gross proceeds of KRW 10,000,000,000 on January 12, 2024. The transaction will include participation from new investors Yumen No.1 Investment Fund and new individual investor Anthony Wong for KRW 2,500,000,000 each for series 11 bonds and T Scientific Co.,Ltd. for series 12 bonds for KRW 5,000,000,000. The series 11 bonds carry coupon rate of 0% and maturity rate of 3% and will mature on January 19, 2027.

The series 12 bonds carry coupon rate of 0% and maturity rate of 0% and will mature on January 19, 2029. The series 11 bonds are fully convertible into 1,698,946 common shares at a conversion value of KRW 2,943 per share from January 19, 2025 to December 19, 2026. The bonds are restricted to a hold period of 1 year from from the date of issuance.

The series 12 bonds are fully convertible into 1,698,946 common shares at a conversion value of KRW 2,943 per share from January 19, 2025 to December 19, 2028. The bonds are restricted to a hold period of 1 year from from the date of issuance. The transaction has been approved by the shareholders of the company and is expected to close on January 19, 2024.