VESPA Inc. announced a private placement of series 2 bearer-bearing interest-bearing unsecured private convertible bonds for the gross proceeds of KRW 4,000,000,000 on November 24, 2023. The transaction will include [participation from new investors Gwangyoung Kim for KRW 600,000,000, Dong-gyu Kim for KRW 200,000,000, Jiyeon Kim for KRW 200,000,000, Jinsu Kim for KRW 100,000,000, Se-woon Oh for KRW 300,000,000, Gyeyoung Lee for KRW 100,000,000, Donghoon Lee for KRW 200,000,000, Mun-i Lee for KRW 500,000,000, Ok-bun Lee for KRW 200,000,000, Seon-gon Choi for KRW 100,000,000, Jae-in Choi for KRW 100,000,000, Sang-il Han for KRW 200,000,000, Studio J Co., Ltd. for KRW 250,000,000, Lucien Co., Ltd. for KRW 700,000,000 and returning investor Aura Investment Inc. for KRW 250,000,000. The bonds carry coupon rate of 3% and maturity rate of 3% and will mature on November 30, 2053.

The bonds are fully convertible into 8,000,000 common shares at a conversion value of KRW 500 per share from November 30, 2024 to October 30, 2053. The bonds are restricted to a hold period of 1 year from the date of bond issuance. The transaction has been approved by the shareholders of the company.

The transaction is expected to close on November 30, 2023.