Vitzrosys. Co., Ltd announced a private placement of series 13 bearer Interest unsecured private placement convertible bonds for the gross proceeds of KRW 3,000,000,000 on December 21, 2023. The transaction will include participation from new investor Sangsangin Savings Bank.

The bonds carry coupon rate of 2% and maturity rate of 6% and will mature on December 26, 2026. The bonds will be 100% convertible into 5,119,306 common shares of the company at a fixed conversion price of KRW 577 per share from December 26, 2024 to November 26, 2026. The bonds are restricted to a hold period of 1 year.

The transaction has been approved by the board of directors of the company. The transaction is expected to close on December 26, 2023.