B2En Co., Ltd. announced a private placement of series 3 unsecured privately placed convertible bonds with bearer interest for the gross proceeds of KRW 12,000,000,000 on July 13, 2023. The transaction will include participation from new investor Geumgang Association 1. The bonds carry a coupon rate of 0% and maturity rate of 3% and will mature on September 14, 2027. The bonds are fully convertible into 3,394,625 common shares at a conversion value of KRW 3,535 per share from September 14, 2024 to August 14, 2027.

The bonds are restricted to a hold period of 1 year from the date of issuance. The transaction has been approved by the shareholders of the company. The transaction is expected to close on September 14, 2023.