Automobile & PCB Inc. announced a private placement of series 17 non-guaranteed private equity convertible bonds with bearer type interest part for gross proceeds of KRW 10,000,000,000, 18th series non-guaranteed private equity convertible bonds with bearer type for gross proceeds of KRW 10,000,0000, and 6,711,410 common shares at an issue price of KRW 1,490 for gross proceeds of KRW 10,000,000,900; for aggregate proceeds of KRW 30,000,000,900 on July 16, 2021. The transaction will include participation from Fortress Fund for series 18 bonds, Cloud Holdings Co., Ltd. for series 17 bonds, Seouleaguer Partners Co. Ltd. for common shares.

The bonds will mature on September 15, 2024. The bonds carry interest rate of 4% and yield to maturity of 4%. The bonds will be fully convertible into 6,038,647 common shares of the company at a fixed conversion price of KRW 1,656 per share between September 15, 2021 and August 15, 2024.

The company will issue shares through third-party allotment method. The transaction has been approved by the board of directors of the company. The shares to be issued in the transaction will be subject to one year hold period.

The subscription date and payment date for the bonds is September 15, 2021. The payment date of common shares is September 15, 2021.