CIAAT Co., Ltd. announced a private placement and it will issue 1,000,000 redeemable convertible preferred shares of par value KRW 500 per share at an issue price of KRW 2,000 per share for gross proceeds of KRW 2,000,000,000 on December 6, 2023. The transaction will include participation from new investor, SJ GB SG Innovation Fund. The preferred shares will be issued through third party allocation capital increase.

The preferred shares can be converted into 1,000,000 common shares at a fixed conversion price of KRW 2,000 from December 15, 2024 to December 13, 2033, and are redeemable from December 15, 2026 to December 14, 2033. The transaction has been approved by the board of directors of the company. The payment date of transaction is December 14, 2023.