Volvik Inc. announced a private placement of series 5 registered non-guaranteed privately placed convertible bonds for the gross proceeds of KRW 8,000,000,000 on June 14, 2023. The transaction will include participation from new investor Vector Seoul & New Technology Fund No. 1 for KRW 8,000,000,000.

The bonds carry coupon rate of 0% and maturity rate of 10% and will mature on June 15, 2028. The bonds are fully convertible into 2,496,099 common shares at a conversion price of KRW 3,205 from June 15, 2025 to May 14, 2028. The transaction has been approved by the shareholders of the company.

The transaction is expected to close on June 15, 2023.