THE MIDONG Co,. Ltd. (KOSDAQ:A161570) announced a private placement of series 1 non-guaranteed private convertible bonds with bearer interest for gross proceeds of KRW 3,500,000,000 on April 1, 2021. The transaction will involve participation from new investor NextEye Co., Ltd. (KOSDAQ:A137940).

The bonds will carry coupon rate of 1% and a yield to maturity of 3.5%. The bonds will mature on April 9, 2024. The bonds will be fully convertible into 1,949,860 shares at a conversion price of KRW 1,795, representing 12.51% stake in the company.

The bonds can be converted from April 9, 2022 to March 9, 2024. The subscription date is the same day and the payment date of the bonds is April 9, 2021. The bonds are restricted in nature.

The transaction was approved by the board of directors of the company.