Captivision Inc. announced that it has entered into subscription agreements with certain investors pursuant to which such investors agreed to subscribe for and purchase from the Company an aggregate principal amount of $1,250,000 of convertible promissory notes on February 16, 2024. The Notes mature on February 16, 2025 and do not bear interest. The notes do not contain restrictive covenants or mandatory payments prior to maturity.

The closing of the issuance of the Notes occurred concurrently with the execution of the Subscription Agreements. No interest shall accrue on the unpaid principal balance of this Note. The Notes are convertible into a number of the Company?s ordinary shares, par value $0.0001 per share of the Company equal to the principal amount divided by $6.21, or an aggregate of 201,290 Shares.

The conversion of the Notes shall occur on a mandatory basis upon the effectiveness of the securities registration statement submitted to the Financial Supervisory Services of Korea in accordance with applicable Korean law in connection with the issuance of the Shares. The issuance of the Notes was made, and the issuance of the Shares upon conversion of the Notes will be made, in reliance on an exemption for private offerings pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. The Conversion Price shall be $6.21.