SKY E&M Co., Ltd. announced a private placement 24th series unregistered unguaranteed private placement convertible bonds for gross proceeds of KRW 20,000,000,000, 25th series non-guaranteed private placement convertible bonds for gross proceeds of KRW 18,400,000,000; for aggregate gross proceeds of KRW 38,400,000,000 on May 31, 2022. The transaction will include participation from Chorokbaem Metacommerce New Technology No.3 for 24th series bonds, and Noh, Jin-youn for KRW 11,390,000,000; Bae, Seong-min for KRW 2,040,000,000; Kang, Ju-bong for KRW 2,040,000,000; Kim, Min-ha for KRW 1,190,000,000; Kim, Ki-bun for KRW 340,000,000; Lee, Dong-yeol for KRW 1,400,000,000 for 25th series bonds. The 24th series bonds will mature on June 8, 2025, and 25th series bonds will mature on May 09, 2025.

The 24th and 25th series bonds do not carry any coupon rate and will have yield to maturity of 2%. The 24th series bonds will be fully convertible into 6,418,485 shares of the company at a fixed conversion price of KRW 3,116 per bonds between the period of June 8, 2023, to May 8, 2025. The 25th series bonds will be fully convertible into 5,905,006 shares of the company at a fixed conversion price of KRW 3,116 per bonds between the period of May 09, 2023, to April 09, 2025.

The payment date of 24th series bonds is on June 8, 2022, and 25th series bonds is on June 09, 2022. The transaction has been approved by the board of directors of the company. The securities issued in the transaction are subject to a lock up period of one year.