VESPA Inc. announced a private placement to issue Series 4 Non-Guaranteed Private Placement Convertible Bond for the gross proceeds of KRW 2,100,000,000 on March 6, 2024. The transaction included participation from new investors Yuna Song for KRW 500,000,000, Story Farm Pictures Co., Ltd. for KRW 500,000,000, Ji - Eun Lee for KRW 400,000,000, Ok-bun Lee for KRW 350,000,000, Dongbin Kang for KRW 200,000,000 and Changhoon Lee for KRW 150,000,000. The bonds are 100% convertible into 3,000,000 shares at a fixed conversion price of KRW 700 from March 6, 2025 to February 6, 2054.

The bonds bear 2.5% coupon rate and 2.5% maturity rate and matures on March 6, 2054. The transaction has been approved by the shareholders of the company and is expected to close on March 6, 2024. The securities are restricted to a hold period.