Incon Co., Ltd. (KOSDAQ:A083640) announced that it will issue series 10 unregistered coupon nonguaranteed private convertible bonds for gross proceeds of KRW 3,000,000,000 on July 9, 2020. The transaction involved participation from new investors, Wooridul Huebrain Ltd. (KOSE:A118000) for KRW 2,000,000,000 and IokCompany Co., Ltd. (KOSDAQ:A078860) for KRW 1,000,000,000. The payment date is July 10, 2020.

The transaction has been approved by the board of directors of the company. The surface interest rate and interest rate is 2% each. The bond maturity date is July 10, 2023.

The bonds are fully convertible into 3,225,806 shares at a price of KRW 930 per share. The conversion period starts on July 10, 2021 and ends on June 10, 2023. The securities to be issued have a hold period of one year, post closing.