B2En Co., Ltd. announced a private placement of series 4 bearer interest unsecured private placement convertible bonds for a gross proceeds of KRW 5,000,000,000 on July 18, 2023. The transaction will include participation from new investor Sangsangin Savings Bank, Investment Arm. The bonds have a coupon rate of 2% and yield to maturity of 6%.

The bonds will mature on Apr 26, 2027. The bonds will be 100% converted into 2,979,737 common shares at a fixed conversion price of KRW 1,678 per share for an equity stake of 8.06%. The conversion period is from April 26, 2025 to March 26, 2027.

The payment date of the transaction is April 26, 2024. 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.