Development Advance Solution Co.,Ltd. announced a private placement of series 5 non-guaranteed private convertible zero coupon bonds for gross proceeds of KRW 14,000,000,000 on November 9, 2022. The transaction will include participation from LD-Suseong Pre IPO Mezzanine New Technology Fund No. 1 and returning investor, Shinhan Investment Corp., Investment Arm.

The series 5 bonds will be issued through mother-in-law method and mature on November 11, 2027. The bonds are fully convertible into 2,212,039 common shares at an issue conversion price of KRW 6,329 per share and will be convertible between the period starting from November 11, 2023 and ending on October 11, 2027. The bonds have a conversion lock up period of one year from their issuance date.

The transaction has been approved by board of directors of the company. The expected date of payment is November 11, 2022.