SKY E&M Co., Ltd. announced a private placement 23th series bearer type non-guaranteed private placement convertible bonds for gross proceeds of KRW 9,500,000,000 on April 27, 2022. The transaction will include participation from new investors, Abraxas Fund for KRW 4,460,000,000, Byung-hyun Lee for KRW 3,100,000,000, Rumios Co., Ltd for KRW 210,000,000, Hee-young Noh for KRW 230,000,000, Jinyoung Roh for KRW 1,000,000,000 and Alpha Bio Labs Inc for KRW 500,000,000. The bonds will mature on May 13, 2025.

The bonds do not carry any coupon rate and will have yield to maturity of 2%. The bonds will be fully convertible into 2,781,844 shares of the company at a fixed conversion price of KRW 3,415 between the period of May 13, 2023, to April 13, 2025. The subscription and the payment date is on April 28, 2022 and May 13, 2022.

The transaction has been approved by the board of directors of the company. The bonds carry a hold period of one year.