Captivision Inc. announced that on November 28, 2023, GLAAM entered into a loan agreement with KEB Hana Bank (?KEB?) for an aggregate principal amount of approximately $4.2 million, with interest accruing at a floating rate equal to the 3 month CD rate (currently 3.84%) plus 2.08% (equating to a current total interest rate of 5.92% per annum) and a maturity date of November 28, 2026. This facility loan is secured by land and buildings owned by GLAAM. Also on November 28, 2023, GLAAM entered into a separate loan agreement with KEB for an aggregate principal amount of approximately $1.1 million, with interest accruing at a floating rate equal to the 3 month CD rate (currently 3.84%) plus 1.76% (equating to a current total interest rate of 5.60% per annum) and a maturity date of November 28, 2024.

GLAAM used the proceeds to pay off the outstanding amount of principal loans of approximately $4.2 million and approximately $0.9 million obtained from Saemaeul Savings Bank (?Saemaeul?) and Kookmin Bank (?Kookmin?), respectively. Additionally, GLAAM repaid the accrued interest amounts and early payment fees to Saemaeul and Kookmin in the amount of approximately $72 thousand and approximately $4 thousand, respectively. GLAAM is party to a certain loan agreement entered into with SBI Savings Bank (?SBI?) with a current outstanding principal amount of approximately $0.7 million, accruing interest at a rate of 7.1% per year.

The SBI loan was originally scheduled to mature on December 5, 2023. However, on December 4, 2023, GLAAM and SBI entered into an extension agreement, pursuant to which GLAAM repaid $38 thousand of outstanding principal and the maturity date was extended by one year to December 5, 2024.