Vitzrosys. Co., Ltd announced a private placement of 11th series unsecured private convertible bonds for gross proceeds of KRW 5,000,000,000 and 12th series unsecured private convertible bonds for the gross proceeds of KRW 5,000,000,000 for the total gross proceeds of KRW 10,000,000,000 on December 13, 2022. The transaction will include participation from SGI Dolphin Small, Medium-Sized and Venture Enterprise M&A Fund, managed by Samho Green Investment, Inc and Cubrix Co., Ltd. The bond carry coupon rate of 11th series is 2% and have yield to maturity of 9.5%.

The bonds will mature on December 16, 2025. The bond carry coupon rate of 12th series is 2% and have yield to maturity of 5%. The bonds will mature on December 28, 2025.

The bonds will be 100% convertible into 4,757,373 common shares of the company, representing 13.23% of the total number of shares at a fixed conversion price of KRW 1,051 per share. The conversion period for 11th series is from December 16, 2023 to November 16, 2025. The conversion period for 12th series is from December 28, 2023 to December 28, 2025.

The transaction has a subscription date of December 13, 2022 and payment date of 11th series is December 16, 2022 and 12th series is December 30, 2022. The transaction has been approved by the board of directors of the company.