Chunbo Co., Ltd. announced a private placement of round 4 unregistered non-coupon private non-detachable bonds with warrants for gross proceeds of KRW 50,000,000,000 on February 18, 2022. The transaction will include participation from new investor NH-Brain EV New Technology Investment Association. The bonds are zero coupon bonds with no yield to maturity and will mature on February 22, 2027.

The company will also issue warrants with the bonds fully exercisable into 157,158 common shares representing 1.44% stake at an exercise price of KRW 318,150 per share from February 22, 2023 to January 22, 2027. The transaction has been approved by the board of directors of the company. The subscription date and payment date is on February 22, 2022.

The bonds are subject to a hold period of one year from issuance and are issued at par value.