KOSSEN Co., Ltd. announced a private placement to issue Series 22 Bearer-bearing interest-bearing, unsecured private placement convertible bonds for the gross proceeds of KRW 2,000,000,000 on September 22, 2023. The series 22 bonds bears 2% coupon rate and 4% maturity rate and will mature on September 26, 2028. The bonds are 100% convertible into 420,964 shares at a fixed conversion price of KRW 4,755 from September 26, 2024 to August 26, 2028.

The transaction will include participation from new investor DB Financial Investment Co., Ltd. The transaction has been approved by the shareholders of the company and is expected to close on September 26, 2023. The shares are restricted to a hold period of one year.