Topsun co., Ltd announced a private placement of series 3 registered private convertible bonds for a gross proceeds of KRW 87,143,580,000 on May 30, 2022. The transaction will include participation from SK ecoplant Co.,Ltd. The bonds have yield to maturity of 3%. The bonds will mature on June 30, 2026. The bonds will be 100% converted into 4,357,179 common shares at a fixed conversion price of KRW 20,000 per share for an equity stake of 47%. The conversion period is from July 01, 2023 to May 30, 2026. The payment date of the transaction is June 30, 2022. The securities issued in the transaction are subject to a lock up period of one year. The transaction has been approved by the board of directors of the company.

On June 24, 2022, the company announced that the transaction is now expected to close on June 28, 2026. The company will now issue Non-guaranteed Private Equity Convertible Bonds with Bearer Type Interest Part in the transaction. The conversion period is now from June 29, 2023 to May 28, 2026.