Kiwoom Securities Co., Ltd. announced a private placement of 166,203 redeemable convertible preferred shares of par value, KRW 5,000 at a price of KRW 240,667 per share for gross proceeds of KRW 39,999,577,401 on June 21, 2021. The transaction will include participation from new investors, KB Insurance Co., Ltd. for 124,653 shares, Smilegate Entertainment Inc. and Woori Financial Capital Co., Ltd. for 20,775 shares each. The shares are non-cumulative and participating preferred shares.

The redemption period for shares is from June 30, 2026 to June 30, 2041 and the conversion period is from July 30, 2026 to June 30, 2031. The shares are initially convertible at the issue price. The company will issue shares through third party allotment.

The transaction has been approved by board of directors of the company. The payment date for shares is June 29, 2021 and the expected date of issuance of shares is July 12, 2021. The shares are subject to a hold period of one year.

The total number of common shares issued prior to the transaction are 26,191,009 shares.