SONOKONG Co., Ltd. announced a private placemen to issue Series 10 Domestic bearer interest-bearing unsecured private placement convertible bonds for the gross proceeds of KRW 5,000,000,000 on August 4, 2023. The transaction will include participation from new investor Lux Fund for KRW 5,000,000,000. The bonds are 100% convertible into 2,350,728 shares at a fixed conversion price of KRW 2,127 from October 16, 2024 to September 16, 2026.

The bonds bear zero coupon rate and 1% maturity rate and matures on October 16, 2026. The transaction has been approved by the shareholders of the company and is expected to close on October 16, 2023. The securities are restricted to a hold period of 1 year.