FSN Co., Ltd. announced a private placement that it will issue series 10 non-guaranteed private placement convertible bonds for gross proceeds of KRW 15,000,000,000 on May 30, 2023. The transaction will include participation from new investors KB Securities Co., Ltd. for KRW 2,500,000,000, Samsung Securities Co., Ltd. for KRW 5,000,000,000, NH Investment & Securities Co., Ltd. for KRW 2,000,000,000, Kiwoom-Suseong No. 1 New Technology Business Investment Association for KRW 2,000,000,000, AHA Techmi No.

1 Investment Cooperative for KRW 2,000,000,000, Ace Susung New Technology Fund 15 for KRW 1,000,000,000, and LD-Suseong Pre IPO Mezzanine New Technology Investment Fund No. 1 for KRW 500,000,000. The bond is issued at zero coupon rate, 3% yield to maturity and will mature on June 1, 2026.

The bonds can be 100% converted into 3,819,709 common shares at a conversion price of KRW 3,927 per share. The conversion period is from June 1, 2024 to May 1, 2026. The transaction has been approved by the board of directors of the company.

The transaction is expected to close on June 1, 2023.