Willings Co., Ltd. announced a private placement to issue 1,796,944 common shares at an issue price of KRW 11,130 per share for the gross proceeds of KRW 19,999,986,720 and Series 2 unsecured convertible bonds with bearer interest for gross proceeds of KRW 20,000,000,000; for aggregate total gross proceeds of KRW 39,999,986,720 on June 13, 2023. The transaction included participation from new investors Pina Closes Investment Fund 1 for 1,347,708 shares and Rewater World Co., Ltd. for 449,236 shares and Meta Hyper Co., Ltd. for KRW 20,000,000,000 under convertible bonds. The bonds will bear surface interest rate of 2% and interest rate to maturity of 5%.

The bonds will mature on August 10, 2026. The bonds are convertible at conversion rate of 100%, conversion value of KRW 13,120 for 1,524,390 common shares of the company. The conversion period will start from August 10, 2024 and ends on July 10, 2026.

The transaction has been approved by the shareholders of the company and is expected to close on August 10, 2023. The shares are restricted for a hold period of one year.