SEWONCELLONTECH Co., Ltd. announced a private placement of series 5 non-guaranteed private convertible bonds for a gross proceeds of KRW 51,000,000,000 on June 17, 2022. The transaction will include participation from returning investors Meritz Capital Co., Ltd. for KRW 8,000,000,000, Meritz Fire & Marine Insurance Co., Ltd. for KRW 8,000,000,000 and Meritz Securities Co., Ltd. for KRW 35,000,000,000. The bonds have a coupon rate of 4% and yield to maturity of 7%.

The bonds will mature on May 18, 2024. The bonds will be 100% converted into 37,967,615 common shares at a fixed conversion price of KRW 1,791 per share for an equity stake of 53.56%. The conversion period is from May 19, 2022 to June 17, 2025.

The subscription date is June 17, 2022 and payment date of the transaction is June 17, 2022. The securities issued in the transaction are subject to a lock up period of one year. The transaction has been approved by the board of directors of the company.