Cosnine Co., Ltd. announced a private placement of series 22 unregistered coupon unguaranteed private convertible bond for a gross proceeds of KRW 14,000,000,000 on April 14, 2023. The transaction will include participation from new investor Shilla Asset Management. The bonds have a coupon rate of 3% and yield to maturity of 9%. The bonds will mature on May 11, 2026. The bonds will be 100% converted into 10,566,037 common shares at a fixed conversion price of KRW 1,325 per share for an equity stake of 14.5%. The conversion period is from May 11, 2024 to April 11, 2026. The payment date of the transaction is May 11, 2023. 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.

On May 3, 2023, the company announced that the bonds will be 100% converted into 10,566,037 common shares at a fixed conversion price of KRW 1,325 per share for an equity stake of 13.6%.

On May 9, 2023, the company announced that the bonds will be 100% converted into 11,317,704 common shares at a fixed conversion price of KRW 1,237 per share for an equity stake of 14.5%.