Bucket Studio Co., Ltd. (KOSDAQ:A066410) announced a private placement of series 10 non-guaranteed private equity convertible bonds with bearer interest for gross proceeds of KRW 40,000,000,000 on May 28, 2021. The transaction will included participation from returning investor Vidente Co., Ltd. (KOSDAQ:A121800) for KRW 25,000,000,000 and Bithumb Korea Co., Ltd for KRW 15,000,000,000. The bonds mature on May 28, 2024, carry yield to maturity rate and fixed interest rate of 2%.

The bonds are convertible into 20,597,322 common shares of the company, representing 33.32% stake, at a fixed conversion price of KRW 1,942 per share. The conversion period starts May 28, 2022 and end on April 28, 2024. The security to be issued will be subject to a hold period of one year.

The transaction was approved by board of directors of the company.