Minds Lab, Inc. announced a private placement of KRW 15,000,000,000 unregistered coupon unguaranteed private convertible bond on March 14, 2023. The transaction will include participation from new investors HisStory Investment Management for KRW 1,000,000,000, SK Securities Co., Ltd. for KRW 1,000,000,000, Shinhan Securities Co. Ltd. for KRW 1,000,0000,000, NH Investment & Securities Co., Ltd. (In the position of trustee of Fund 1, Fund 2, Fund 3, Fund 4, and Fund 5) for KRW 3,000,000,000, NH Investment & Securities Co., Ltd. (In the position of trustee of Fund 9) for KRW 1,000,000,000, NH Investment & Securities Co., Ltd. (In the position of trustee of Fund 15) for KRW 500,000,000, The Korea Securities Finance Corporation (In the position of trustee of Fund 13 and Fund 14) for KRW 2,000,000,000, KB Securities Co., Ltd. (In the position of trustee of Fund 12 for KRW 1,000,000,000, Samsung Securities Co., Ltd. (In the position of trustee of Fund 11) for KRW 500,000,000, Samsung Securities Co., Ltd. (In the position of trustee of Fund 6 and Fund 7) for KRW 2,000,000,000, Korea Investment & Securities Co., Ltd. (In the position of trustee of Fund 8) for KRW 1,000,000,000, Korea Investment & Securities Co., Ltd. (In the position of trustee of Fund 8) for KRW 1,000,000,000 and Standard Chartered Bank Korea Limited (In the position of trustee of Fund 10) for KRW 1,000,000,000, The bonds are fully convertible into 596,587 common shares at a conversion value of KRW 25,143.

The deal is expected to close on March 16,2023. The transaction has been approved by the shareholder's of the company. The bonds will mature on the debt maturity date on March 16, 2028.